Recently, there's a striking phenomenon: a large influx of funds into Ethereum, with trading volumes reaching absurd levels, yet the price seems to be on pause. What's really going on?

After analyzing on-chain data, I realized that in the past few days, a mysterious whale account has been continuously buying 55 times in less than a week, gobbling up 390,000 ETH in one go, spending about $1.37 billion. There's also a major holder originally heavily invested in Bitcoin, with a portfolio worth $11 billion, who has now started transferring funds into Ethereum, with a single purchase of $400 million. Additionally, I saw someone spending $660 million to aggressively buy ETH.

This group of smart money is speaking with real cash — the current price is worth betting on. But strangely, the market's reaction is extremely cold, with no price surge that should accompany such large buy orders.

Why is this happening? The key lies in the changed capital landscape.

The era of synchronized rises and falls is over. After major institutions entered the market, it has become highly segmented. Funds are mainly concentrated in mainstream assets like Bitcoin, Ethereum, and SOL, while altcoins have been hammered to the point of no demand. However, the money sold off from these assets hasn't left the market; instead, it has shifted back into core assets like Ethereum. So you'll see a strange phenomenon: whales are buying aggressively, but prices just won't rise quickly. This is essentially a battle and reallocation of existing capital within the market.