PANews reported on March 17 that, according to on-chain analyst Yu Jin, "the whale/institution that spent $500 million to buy BTC and ETH in early February" reduced its holdings by 12,000 ETH and 330 cbBTC last night after the market rose, worth $51.79 million.

However, the price of ETH has not yet recovered to his average purchase price, meaning this reduction in holdings still represents a loss: his average cost for ETH was $2,667, and his average cost for cbBTC was $73,837. The reduction resulted in a loss of $19.66 million.

He currently holds ETH and BTC worth $603 million: 138,000 ETH ($326 million) + 3,670 cbBTC ($277 million).