Three years ago, an old ETH address that built a position at an average price of $1237 has just transferred funds to a trading platform. If sold, it will net approximately $1.066 million.

The classroom effect is also happening: a newly created address has transferred 11,900 ETH to Coinbase, and other statistics indicate a significant net inflow of ETH on CEX in the past 24 hours.

This indicates that real trading at high prices is occurring, with cashing out and entering the market happening simultaneously.

In the short term, I pay more attention to 'who is buying': if the buyers are ETFs and institutions, the acceleration will be sustainable; if mainly retail investors, the rhythm of pullbacks is likely to be faster. Data source: snapshots of exchange and on-chain address dynamics.