#以太坊生态发展 Seeing Korean investors continue to buy aggressively despite a 82% drop in BitMine, I only have one word in my mind: danger signal.

This case once again verifies a harsh truth — the "bottom-fishing consensus" among retail investors often marks the beginning of a dump. Korean investors do have significant influence in the crypto market, but influence doesn’t necessarily mean correct judgment. Investing $1.4 billion in a project that has already been halved in value by 2025—what’s the logic behind that? "It’s bound to rebound after such a drop"? That’s classic gambler’s psychology.

What’s truly worth noting is that BitMine holds over 4.1 million Ethereum. That’s the core—having such a large ETH reserve, the institution’s purpose is definitely not value investing. Once they need to cash out, retail investors’ "bottom-fishing" will become their perfect window for selling. Ethereum has fallen 11% this year, from nearly $5,000 in August to now. During this decline, who was building positions, who was selling? You should have a clear idea.

My advice is straightforward: don’t be hijacked by the rhetoric that "a big drop is an opportunity." Staying alive on the chain depends on understanding the project lifecycle and the true intentions of institutions. Look at data, holdings, and inflow/outflow trends—these are much more reliable than chasing hot topics. Not everything that’s dropping is cheap; sometimes it’s just an early warning of risk.