Looking at $ETH 's on-chain data, some phenomena are quite interesting——

Daily realized profit of $2 billion! Compared to BTC's $1.3 billion and SOL's $500 million, ETH's realized profit alone is more than both combined, making people marvel at how crazy this bull market is.

The higher the price, the more profit is realized, which indicates strong market buying and high emotions. Coupled with derivatives trading, the short-term trend is still relatively stable. However, looking closely at investor behavior, several points are worth noting:

1️⃣ Whale Movements

Wallets holding 10,000 ETH or more cashed out $1.4 billion of the $2 billion this time, the largest scale in nearly two years. Historical comparison: March 2024 $1.2 billion, June $1.1 billion, December $900 million.

This type of large, continuous selling will put significant pressure on the market. Retail investors are completely unable to participate. This is a battle between large capitals, and it is difficult to say who is stronger in the short term.

2️⃣ Realization of High-Profit Chips

The chips with higher profit margins are mostly "old coins" with low costs and long holding periods. Old coins with a profit margin of over 300% have been held for at least three years. Yesterday, the realization volume of chips with a profit margin of over 100% also hit a two-year high - that is, those investors with double returns are starting to take profits. The closer to historical highs, the more obvious this phenomenon becomes.

3️⃣ Rhythm of Old Coins

Old coins with a profit margin of over 300% have not yet been sold on a large scale, but as prices rise, their selling volume is slowly increasing. Historically, these old coins will not only sell when prices rise, but also sell again when prices peak and rebound - the entire trajectory resembles an inverted smile curve.

Therefore, when high-profit chips begin to be sold centrally, be highly vigilant, as this is a signal that the price consensus is quietly shifting. More and more people think it is "too expensive," and the market will naturally correct.

In summary: the trend is still there, but the actions of whales and old coins are telling you where the high-level pressure is. To stabilize profits or find opportunities, you must keep an eye on the rhythm of these high-profit chips.