What is the institutional Whale doing? Recent unusual actions from on-chain data.

Recently, it has been quite lively on-chain. On one side, a leading asset management company has been continuously selling Bitcoin and Ethereum, with daily sales exceeding $250 million and an unusually intensive selling pace; on the other side, major participants in the Ethereum ecosystem are increasing their holdings against the trend - the latest data shows that they just bought 13,412 ETH.

This seems a bit contradictory. BlackRock previously made a high-profile move into BTC ETF products, but now they are doing the opposite. What is going on?

On-chain data has given us some clues:
• Continuous outflow of BTC and ETH, with a single-day scale exceeding $250 million.
• Correspondingly, some institutions are quietly accumulating Ethereum.
• This reverse operation often implies that the expectations of market participants have diverged.

However, there is a background worth noting - the U.S. federal banking regulatory authorities have recently made it clear that they allow banks to legally engage in cryptocurrency trading and custody services. This could be a factor influencing institutional decision-making.

From historical experience, the actions of Whales are usually several steps ahead of the market. Whether it’s crashing or accumulating, the logic behind it is worth pondering. The short-term trend of #BTC资金流动性 may depend on the next moves of these big players—are there any friends tracking this on-chain data? Please share your thoughts.