Recently, on-chain data has been quite interesting. A leading institution has actually increased their positions during this wave of decline—8000 ETH with 25x leverage, and an additional 55,000 HYPE with 10x leverage. Their total holdings have already surged to $25.2 million.

Why should we pay special attention to this? Because these big players don't increase leverage positions without reason. Especially during price drops, it often indicates they are positioning for something deeper.

From a technical perspective, ETH's liquidation price is around $2875. The current volatility looks more like the main players are cleaning out retail traders' leveraged positions as a routine. The high-leverage long positions are concentrated at lower levels, reflecting that these "veterans" still have strong confidence in a rebound.

On the macro front, there are also signs of change. Expectations of rate cuts are resurfacing, and ETF funds are gradually flowing in. Market sentiment is shifting from panic to watchfulness. All these signs indicate that the value zone has already appeared, and a rebound is only a matter of time.

Operational suggestions: spot traders can gradually position below $3000, viewing the decline as an opportunity; if using leverage, confirm your direction and set stop-losses properly to avoid being wiped out; also, keep an eye on the linkage opportunities of altcoins like HYPE, as whale movements often set the rhythm.

In short, don’t let the current panic blind you. Data is the most honest thing; it’s telling you—smart money is quietly positioning at the bottom.