In the past two days, the market has looked quite stuffy:

The BTC card grinded back and forth around $89,000, and ETH stuck to the threshold of 3,000 to 3,050, without moving.

But if you look at on-chain and off-site news, it's lively.

Institutions and ETFs are dumping goods, and the data is clearly written as outflowing; On the other hand, some heavyweight players are using hundreds of millions of dollars to sweep in; There is also an on-chain address pension-usdt.eth, which directly opens 2x leverage around 3040 and buys 20,000 ETH in one go.

The price didn't fluctuate much, but this game was not easy.

**Let's talk about ETH first, this 3000 position is a bit evil**

The trend of this round of ETH is quite strange.

In recent times, the price has basically jumped between $3,015 and $3,059, and the latest quotation is about $3,037.

If you look at the contract market, the ETH/USDT perpetual contract on a leading exchange has a daily volatility of only a few dozen yuan, and the 24-hour rise and fall is only a few percentage points, but the turnover is still billions of dollars.

What does this mean?

It's not that no one plays, but that some people change hands frantically at this price point, holding on to the price and not letting the price move.

Looking further down, it's more interesting:

If ETH breaks through $3,100, the short liquidation intensity on mainstream CEXs can reach 565 million