The actions of the on-chain giants often foreshadow the next chapter of the market. Recently, this wave of operations has been very interesting - a certain leading asset management institution is frantically adjusting its Holdings, with large amounts of BTC and ETH flowing out every minute. The daily sales have already surpassed 250 million USD (approximately 1.7 billion RMB), this is not ordinary risk Hedging, but rather a well-thought-out large-scale reallocation.

On-chain data clearly records everything. BTC and ETH are experiencing continuous outflows, with a relatively intense selling pace. What is the logic behind this? Is there a change in regulatory winds? Or is it a maneuver to free up funds for the next round of positioning?

Interestingly, while one side is reducing its holdings, the other side is quietly accumulating. The Ethereum ecosystem's BitMine recently increased its holdings by 13,412 ETH, showing considerable courage in counter-trend positioning.

Positive news has also emerged at the policy level — the U.S. Federal Banking Regulatory Agency has today clearly stated that banks are allowed to legally engage in cryptocurrency trading and asset custody services. This is a signal of systemic support, adding another variable to the market.

The actions of whales often lead the spot market by several steps. The shift from increasing holdings to reducing holdings, or making counter-positioning during market downturns—these are all worth paying attention to. The trends of $BTC, $ETH, and $DOGE may be hidden in the strategies of these large holders. How does everyone interpret this wave of operations?