Recent on-chain data presents a thought-provoking scene — when mysterious capital suddenly poured in with $660 million to buy Ethereum, the market's reaction was unexpectedly calm. This is not an isolated phenomenon but a carefully orchestrated capital dance.

Tracking the movements of whales reveals that behind large-volume purchases lie systematic strategies. Major players in late October dispersed their buys across six different addresses, acquiring 171,015 ETH. This multi-address, phased approach clearly aims to minimize market impact costs. Even more interesting is that these purchases show remarkable consistency — as the price hovered between $3,200 and $3,400, many whales seemed to tacitly coordinate, beginning to accumulate at lower levels.

A particular address starting with 0x123 is especially noteworthy: 55 consecutive buy orders, each for 2,200 ETH, with an average cost precisely at $3,210. This is clearly not impulsive gambling but a meticulously calculated asset allocation. Such highly coordinated behavior suggests that the market may be brewing for a structural change. The old pattern of "large buys inevitably triggering price spikes" has become ineffective, which could precisely be a prelude to the next market rally.