#BTC资金流动性 retail investors are panic dumping, while institutions are picking up chips in the bloodbath—this is the eternal split of the market.

Recent on-chain data is striking: a leading research institution has added 46,379 ETH in one go, amounting to 137 million USD, and has even used 2x leverage. You might laugh at this, thinking they are looking for trouble? Don't jump to conclusions just yet.

Looking back at November: When ETH bottomed at 3400, they started positioning, continuously buying under pressure, and now the average price has been pushed down to 3208. At this stage, the total position is 580,000 ETH, with a paper loss of 141 million dollars. Ordinary investors seeing this number would have long closed their positions and taken a loss, but they didn’t. Instead, they are continuing to borrow money to increase their holdings.

This is not gambling; it is a complete cognitive system of cycles—when the entire market is shouting "It's over, it's over," they are betting that the bottom of the next cycle has formed. Unrealized losses are not a risk signal for them, but a confirmation to continue adding positions. They use leverage, discipline, and systematic layout.

Look at the difference between these two mindsets: one side is staring at the K-line fluctuations every day, being hijacked by the emotions of rising and falling, while the other side uses real money and data to make predictions when the market is fearful. The market never shows mercy to emotions; it only rewards those who have both understanding and the patience to wait.

What is the engine of a bull market? Born in pessimism, growing in doubt, and extinguished in frenzy. The choice before you is clear now - will you continue to anxiously watch the market, or will you reassess the true position of this cycle?