According to ChainCatcher, the whale smartestmoney.eth responded that sending a large amount of ETH to CEX was not a sell-stop operation, but "sending ETH to the trading platform to double up, rather than selling as people think. Once the profits are locked, I will transfer them back to the on-chain wallet at a high point, which is usually the best time to exit ETH.

I use CoinM (inverse perpetual contracts) as a last resort to double down on long positions, which usually gives me the highest win rate, best entry points, and ultimately the biggest profits.”

ChainCatcher previously reported that according to on-chain analyst @ai_9684xtpa’s monitoring, smartestmoney.eth chose to cut losses.

It is reported that he built a position of 8,127 ETH between June 19 and 21, and recharged 3,000 of them (about 10.27 million US dollars) to Binance an hour ago. If all of them are sold, the loss will be nearly 400,000 US dollars, and the remaining 5,127 will have a floating loss of 750,000 US dollars.