I saw a very interesting article (for reference only)
While the whole internet cheers for $ETH reaching $4700, I feel a chill looking at the on-chain data, three bombshell data points,
First Bomb: 1.9gwei Gas fee exposes the bull market lie! Is this running naked or laying mines?
The current Gas fee is only 1.901gwei, which is even quieter than the bear market in 2020! It’s worth noting that in the bull market of 2021, 50gwei was the starting point, and 100gwei was common. Now miners can’t even make a profit from transaction fees; is the $4700 coin price propped up by “air”?
What’s even stranger is: ETH price hits a new high, but the number of active addresses on-chain has plummeted by 15% (historically, it has increased by at least 30% at peak)! Additionally, a mysterious address has continuously devoured 26,000 ETH for three days with zero interaction — this method is exactly the same as when Grayscale secretly built a position in Bitcoin in 2020!
Second Bomb: The $4700 current “silent trap”! Giants halt, retail investors watch, replicating the night before 519?
The coin price breaks previous highs, but the on-chain activity is “as quiet as death” — it’s like a high-priced concert filled with an audience, yet no one is applauding! Three dangerous signals have lit up behind the scenes:
- Institutions secretly stockpiling: BlackRock’s ETH trust increased by 47% weekly, Blackstone may be quietly accumulating
- Layer2 hollowing out the mainnet: Arbitrum/zkSync consumes 90% of on-chain activity, ETH mainnet becomes an “empty shell”
- Derivatives burying the “doomsday wheel”: CME Ethereum futures open interest surged by 300%, longs and shorts could explode at any moment
What’s more deadly is: last week, of the 21 giant whale addresses, 18 halted near $4700, but the Coinbase premium index surged by 8% — institutions are secretly accumulating, while retail investors are watching; this script is strikingly similar to that before the 519 crash in 2021!
Third Bomb: August must explode with a “nuclear bomb”! Is it the fuse for a rise, or a catalyst for a crash?
Three events capable of overturning the market are on the way: the September EIP-3074 upgrade may double the ETH burn rate, BlackRock’s holdings increased by 47% weekly, and Vitalik’s surprise AMA hinted at a “new asset protocol”! But the most dangerous thing is not these — when everyone is focused on the $4800 target, the market maker is likely to suddenly “needle wash” at $4700, catching all the retail investors chasing high!
Ultimate warning: On-chain data never lies!
When prices diverge from the on-chain data, a massive shock will occur within 72 hours! Right now, the position of ETH at $4700 is either an opportunity to buy the dip or the last window to escape the peak?
Data is not a strong suit for pandas; this article is for reference only, please consider it yourself.
