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[A whale/institution that bought the dip with $5 hundred million in early February on BTC and ETH] reduced its position last night after the market rally, selling 12,000 ETH + 330 cbBTC worth $5179 million. However, ETH's current price still hasn't recovered to their average cost basis, meaning this reduction is still a loss-making sale: their ETH average cost is $2,667, cbBTC average cost is $73,837. The reduction realized a loss of $1966 million.