Recently, there is a phenomenon worth pondering when analyzing on-chain data. Yesterday, a miner address that had been inactive for over ten years suddenly became active, transferring out 2,000 Bitcoins at once, which at current prices is close to $180 million. The last time this wallet showed any activity was at the end of last year.

Why should we pay attention to this? Experienced traders understand that these deeply dormant whales usually do not move without reason. Each of their operations tends to occur at sensitive market moments—whether it’s just before a top or a bottom—often serving as a precursor to a sharp market turn. The upcoming market changes are worth keeping a close eye on.

Let’s also look at the current capital game. The situations of Ethereum and Solana are completely opposite. On one side, institutional funds in ETH are quietly exiting, even showing signs of liquidation, and bullish sentiment is somewhat loosening. On the other side, although Solana’s price was brutally halved earlier, large investors are aggressively accumulating at the bottom. Especially after breaking through key support levels, several top whale addresses decisively bought over 40,000 SOL. Such contrarian accumulation operations often reflect the true attitude of institutions towards the future market.

Layer 2 is also not calm. Recently, Optimism proposed a plan to use half of its revenue to buy back OP tokens. Based on data from the past year, this buyback could amount to several million dollars. This has a fairly clear significance for supporting the token’s value.