According to on-chain analytics, a high-conviction smart-money address has begun trimming its ETH exposure after initiating a long position at the $1,729 level, signaling disciplined profit-taking following the recent rally in Ethereum.

In April, the same actor executed a sizable on-chain purchase of 19,973 ETH valued at roughly $34.54 million, carrying a leveraged long posture up to 50,000 ETH.

Recently, the address sold 9,999.95 ETH at a blended price near $2,921.35, realizing approximately $11.92 million in profit. It now holds a substantial WETH liquidity position in Aave, with borrowings around $39.05 million.