According to Mars Finance news, on August 9, on-chain data analyst Murphy released data on social media stating that the current ETH holding structure is 'very healthy', while also showing a very obvious trend of 'de-retailization'. In the past 30 days: · The total holdings of the shark group (holding 100-1,000 ETH) decreased by 309,000 ETH · The total holdings of the whale group (holding 1,000-10,000 ETH) decreased by 698,000 ETH · The total holdings of the giant whale group (holding 10,000+ ETH) increased by 2.1 million ETH. Murphy added that the increase in holdings by the giant whale group not only completely offset the distributions from the above two main groups but also absorbed the chips thrown by smaller fish and shrimp groups. Currently, the massive chips accumulated in the $2,500-$2,800 range still show no obvious signs of decrease. With the involvement of more traditional capital, if the trend of giant whales accumulating continues, then ETH looks bullish in the medium to long term. However, it is slightly dangerous for investors chasing high prices. In the short term, ETH's price and realized profits (RP) are forming a strong divergence, with the underlying logic being that the reduction of long-term chips with high profits has decreased turnover, gradually shifting to a short-term showdown between bulls and bears, resulting in higher prices but lower realized profits. The divergence in RP and new highs in OI are the most significant manifestations of the intensified short-term bull-bear game in ETH data.

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