#ETH巨鲸增持 I kept a close eye on on-chain data today and noticed something pretty counterintuitive.

Retail investors are still worried about the "market topping out," but the moves from big money tell a completely different story.

Three data points worth noting:

**Withdrawal wave continues**
In the past 48 hours, about $500 million worth of ETH has flowed out of major platforms. Normally, if funds are preparing to exit, they'd transfer coins into exchanges to make selling easier. Now it's the opposite—large amounts are moving to cold wallets, and that action alone says a lot.

**Dormant accounts suddenly awaken**
An address from the ICO era 10 years ago recently became active, holding around 40,000 ETH (about $120 million at current prices). The market expected this to create selling pressure, but instead, these funds were deposited directly into a staking contract.

The message here is crystal clear: they're not cashing out—they're holding for more yield.

**Chain reaction from Fusaka upgrade**
After yesterday's protocol upgrade, Layer2 cost structure got optimized. Big money isn't focused on short-term volatility anymore—their logic is to position for the certainty of ecosystem expansion.

With the current price hovering around $3,000, there's a clear divergence between on-chain activity and market sentiment. As long as both withdrawals and staking are rising together, it means tokens are concentrating in the hands of more committed holders. This kind of reshuffling often sets the stage for a healthier price trend going forward.