#大户持仓动态 There was movement on-chain again in the early morning.

In the past few hours, two heavyweight holders made a big move—one whale starting with 0x205 withdrew 25,580 $ETH from a major exchange in one go, valued at about $75.7 million. Shortly after, another seasoned whale also made a move, withdrawing 15,688 $ETH, with a market value of about $47.3 million.

In total, over $123 million worth of $ETH left the exchange in a short period of time.

What does this mean? Common on-chain knowledge tells us that a large withdrawal is either intended for long-term accumulation, preparing to go through the staking process, or transitioning to a self-custody wallet. It basically doesn't seem like a rhythm for dumping.

But the problem arises - the liquidity of the exchange suddenly tightens, which will directly affect the subsequent trading depth. When large-scale liquidity is withdrawn, the market is prone to amplified fluctuations, especially during periods of high leverage trading, where price spikes become difficult to guard against.

Interestingly, the games played by these whales on-chain with huge amounts of money are indeed grand in scale, but the true value accumulation sometimes occurs offstage—those efforts that continuously transform resources into real influence through practical actions. This kind of accumulation, which flows silently beneath the surface, may not shine brightly on-chain, but it builds a substantial asset foundation that is difficult to quantify yet significant.

What should retail investors do? Be wary of liquidity changes, but don't be intimidated by short-term spikes. The accumulation posture of giant whales somewhat reflects their judgment of the current price—perhaps it has truly entered the value range.