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Lookonchain reported another panic move by whale 0x3c9E. The wallet sold 4,000 ETH worth $12.44 million. The sale happened near $3,110 after a brief market dip. This came despite a consistent buying streak. The move reinforced the “buy high, sell low” label.
The "buy high, sell low" whale 0x3c9E panic-sold 4K $ETH($12.44M) at $3,110 again after the market dipped.
— Lookonchain (@lookonchain) January 20, 2026
Since Jan 9, this whale has been buying $ETH every day — even buying again 11 hours ago — buying 12,200 $ETH($39.44M) at $3,233 avg.https://t.co/aHqQapxsey pic.twitter.com/gi7XPIEK7E
Daily Buying Pattern Since January
Since January 9, the whale has bought Ethereum every day. Total accumulation reached 12,200 ETH. The average buy price was around $3,233. The whale even bought again just hours before selling. This made the sell decision stand out. Timing worked against the position.
This is not the first such case. On-chain records from late 2025 show similar behavior. The whale previously bought ETH near local highs. It later sold during corrections. These trades involved over $100 million in volume. Losses were driven by bad timing, not position size.
Funds Moved to Centralized Exchanges
Blockchain data shows ETH moving to exchanges. Kraken and Binance were among the destinations. These transfers often signal intent to sell. The pattern matched earlier exits. The data confirmed panic-driven execution. There was no sign of strategic hedging.
Psychology Over Strategy
Community responses focused on trading psychology. Fear appears to override long-term conviction. Even large holders react emotionally during volatility. This behavior often worsens market dips. It also highlights how size does not eliminate stress.
Market Trend Remains Unchanged
Despite the whale’s actions, Ethereum’s broader trend stays intact. Short-term volatility continues. Long-term structure has not shifted. Individual panic moves rarely change direction. The case serves as a reminder. Discipline matters more than capital size.