#以太坊投资机会 Seeing Coinbase Pro's 24-hour net outflow of 72,900 ETH, my first reaction is: here we go again.

I've seen many signals of large outflows like this. Every time, someone excitedly says "Whales are accumulating, it's about to take off," but what happens? Either institutions are adjusting their portfolios or preparing for the next round of harvesting. The key is to understand the logic behind the outflow.

Looking closely at this data, Coinbase's outflow far exceeds other exchanges, while Bybit shows an inflow of over 2000 tokens. What does this indicate? Funds are being redistributed, but it’s definitely not a sign that "institutions are optimistic and trying to pump the price." Over the years, I've fallen into traps caused by this kind of one-sided optimism.

What to really watch out for is—when the concentration of holdings increases, the risk is actually building up. Retail investors are shaken out, and the chips are gathering in the hands of big players. The next move is often not a gentle rise but more intense volatility.

My simple advice: don’t get excited just because of outflows, and don’t relax just because of inflows. The key question is—does this price still have real support? Has the project's fundamentals changed? If you can't answer these two questions, then any data is just an excuse for FOMO.

The one principle for surviving on-chain is: stay skeptical, and act only when you're sure.