From the perspective of on-chain fund flow, the main operations of #ETH and #BTC have completely diverged.

On the Bitcoin side, the main players have been reducing their positions and there has been no obvious replenishment action, showing a cautious or even bearish attitude. In contrast, Ethereum has seen the main players continuously increasing their positions over the past two days, clearly betting on a rise in the future.

One is reducing holdings while the other is increasing them, which suggests a divergence in views on the market direction. How the trend will unfold next depends on whose strength is greater: whether BTC has stronger control over the market or whether ETH can drive the sentiment.

This also indirectly indicates one thing: the major players in Bitcoin and Ethereum are likely not from the same group.