In the past 7 hours, three Ethereum whales have offloaded a staggering 5,657 ETH (worth ~$13.4M) at a collective loss of $1.93M. As a blockchain developer, I dive into the on-chain data to unpack why these whales chose to 'cut losses' amid market volatility. From six-month-old bags to 10-hour flips, the numbers tell a story of strategic retreats—or sheer panic. Are we seeing capitulation or just smart money rotating? Let’s decode the charts.