Most people are still bearish, but large investors are secretly buying like crazy. Well-known investor Tom Lee continues to increase his Ether holdings, with the target holding ratio jumping from 4% directly to 5%. What this reflects is not market speculation, but the actual flow of chips.

Take a look at the exchange data and you'll understand - the supply of Bitcoin and Ethereum has dropped to historical lows. What does this mean? Chips are flowing from retail investors to institutions, from exchanges to self-custody wallets. The underlying logic of the market is clear: before liquidity runs dry, prices often experience drastic fluctuations.

There are currently two most pragmatic strategies: one is to consistently buy BTC and ETH spot at low prices, and the other is to focus on high-elasticity assets that have undergone multiple cycles of testing and have been validated by the market. Once Ethereum enters the main upward wave, the entire ecosystem's imagination space will be revalued. The hundred-fold assets that appeared in the past three cycles may not be absent this time.

The direction of the coins is actually very simple - they flow from the exchange to the wallets of deep believers. By the time you ask where the coins have gone when the real reversal happens, it might be too late.