2026-01-20 01:24:02

A certain Ethereum treasury management company recently sold 2,500 ETH for $8.04 million, drawing market attention. According to on-chain data, the company's mNAV (per-share net asset value) has fallen to a low of 0.84. More intriguingly, these Ethereum were reserves from the high period last year, and the current reduction has already resulted in an unrealized loss of approximately $11.52 million — a considerable loss. From a macro perspective, this reflects market participants' cautious attitude towards the current Ethereum price. Large holders' decision to reduce their holdings often signals a shift in market sentiment, and it is worth monitoring subsequent price movements and the actions of other major players.

ETH-3,89%

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SmartContractPlumber

· 7h ago

$11.52 million in unrealized losses... This is the price of poor risk management. The mNAV dropping to 0.84 is like cutting your wrist. Large investors fleeing often tell a clearer story than candlestick charts; we need to keep a close eye on on-chain data moving forward. This kind of position management is similar to some contract permission designs I've seen—being reactive rather than proactive.

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GasFeeCrying

· 7h ago

Oh no, it's another cut-loss move. This move really hurts. 15.52 million just went down the drain. I just want to know how they can still hold their mindset. The big players have left, and the small investors are still in a daze—classic move. mNAV dropped to 0.84, it should have been clear by then. This time, they really chickened out, clearly not optimistic about the future market.

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ChainDoctor

· 7h ago

Hey, it's the same story again. When big players cut losses, what does it say? Honestly, it means their mentality has collapsed. They bought at a high last year, now they're losing so much they might as well admit defeat and sell. What does that indicate? They've lost confidence. The 0.84 mNAV is really quite tragic; that's the most heartbreaking number. Big players are all selling off, while retail investors are still trying to buy the dip. Isn't that ironic? Looking at this momentum, it seems like there are still people planning to dump the market later on.

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TokenVelocityTrauma

· 7h ago

Uh... Cutting the unrealized loss of 11.52 million directly, this is really giving up If the big players have already run, what else is there to watch Bought at a high position and now cutting losses, a textbook case of being trapped mNAV dropping to 0.84, feeling really dizzy, can't hold on much longer This wave is truly a bear market mentality

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OnchainArchaeologist

· 7h ago

Losing 11.52 million but still making a move, it seems they really can't hold on anymore --- mNAV dropped to 0.84, isn't this admitting defeat? --- Major investors are starting to cut losses, it should get more interesting later --- Holding at high levels last year, now selling at this price... too tragic --- What does this wave of reduction in holdings indicate? The big investors' mentality is changing --- Still daring to sell with such a floating loss, either they have no money left or they are bearish --- Waiting to see how other Golden Whales act, this is a signal

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