Brothers, focusing on the K-line chart to trade cryptocurrencies without paying attention to on-chain data is like playing cards without watching your opponent—you're just giving away money live. Today’s price looks calm on the surface, but the big players below the water are not resting for a moment.

**Ethereum has a red flag** — ETH price staying above $3300 still looks relatively stable, but do you know what has happened over the past week? Those whales holding between 100,000 and 1 million ETH have quietly offloaded over 230,000 ETH, equivalent to nearly $760 million RMB. Even more heartbreaking, the Capital Flow Metric (CMF) is also bearish, clearly indicating capital outflow. This signal is very straightforward—the momentum to push the market up might be running out.

**Bitcoin, on the other hand, follows a different logic** — completely opposite operations. BTC whales have not only maintained their holdings over the past year but have been continuously buying, accumulating about 46,000 BTC. Interestingly, this group of institutional investors has already invested over $105 billion in Bitcoin. These institutional chips are heavy and relatively stable, acting as the market’s stabilizer.

**Uniswap’s UNI token shows another possibility** — the price has been quite battered recently, but the top 100 whales have quietly accumulated over 12 million tokens in the past 8 weeks. Is this smart money bottom-fishing, or does someone see the long-term value of this project?

**A few personal thoughts (pure speculation):** Be highly alert at this ETH level. Big players are not fools; they must have reasons for offloading. When the price is rising but large funds are fleeing, this divergence signal cannot be ignored.