Prices can deceive, but the bloodstains on-chain won't lie! While the whole network cheers for Ethereum at $4700, I smell the rusty scent of a storm brewing in the on-chain data - this is not the carnival of a bull market, but rather a market maker sharpening their knife in the dark!"

The first bomb: When gas fees drop below 2 gwei, the bull market becomes the emperor's new clothes.

"Look at this number: 1.901 gwei! This gas fee is even quieter than during the 2020 bear market, yet it coincides with a coin price of $4700. It's like running naked in a mink coat at -40 degrees - either whales are secretly moving chips in the OTC market, or retail investors have already been washed out. Remember the 2021 bull market? Gas fees of 50 gwei were the norm, and we even saw 100 gwei! Now miners are too lazy to even earn transaction fees; can this be called a bull market?"

Qing Yao's view: I specifically dug into historical data and found that each time the ETH price hits a new high, the number of active addresses on-chain increases by at least 30%. But this time? The number of active addresses actually dropped by 15% compared to last month! Even more bizarre is that a mysterious address has consumed 26,000 ETH for three consecutive days with zero interactions; doesn't this operation resemble Grayscale's approach to accumulating Bitcoin in 2020?

The second bomb: The 'silent game' behind $4700.

"The price of the coin breaks the previous high, but the on-chain activity is flat - it's like concert tickets selling for sky-high prices, but the audience on-site is asleep. I listed three possibilities:
Institutional cold wallets hoarding: BlackRock's ETH trust saw a 47% weekly increase, and Blackstone may be secretly stockpiling.
Layer2 revolution backlash: Arbitrum/zkSync accounted for 90% of on-chain activity, leaving the mainnet as a shell.
Derivative doomsday ambush: CME Ethereum futures open interest skyrocketed by 300%, a battle between bulls and bears is imminent"

Case study: Last week, among the 21 whale addresses monitored by Qing Yao, 18 stopped operations near $4700, yet the Coinbase premium index suddenly spiked by 8%. What does this indicate? Institutions are secretly accumulating, while retail investors are watching - this script is exactly like the night before the 519 crash in 2021!

The third bomb: Three major catalysts expected to explode in August.

"The September EIP-3074 upgrade may double the burn rate, BlackRock's holdings increased by 47% weekly, and Vitalik's surprise AMA hinted at a 'new asset protocol' - any one of these three nuclear-level events could ignite the market. But the most dangerous part is: when everyone is focused on $4800, the market maker may spike to $4700 to wash out the weak hands!"

Qing Yao's ultimate conclusion: Should we bottom fish now or escape the peak?

"On-chain data doesn't lie: when the price diverges from on-chain activity, a massive shock is guaranteed within 72 hours! I suggest keeping 30% cash and using grid trading to capture volatility. Remember: a bull market is not a banquet; it's a hunting game for market makers and whales." Follow Qing Yao, and win at the starting line.#以太坊创历史新高倒计时