#以太坊行情技术解读 On-chain whales are up to their tricks again—last night, a well-positioned ETH whale address suddenly made a move, selling off 786 ETH in a short period and converting it into nearly $3 million in cash. With this speed and intensity, the market was instantly hit with a sting.

After selling, this whale still holds 3,144 ETH, with an account value of about $9.69 million. But here’s a chilling point to consider—the liquidation price is set at $3,042.74. What does this mean? As long as the price dips slightly and hits this level, leveraged contracts will be liquidated immediately. It’s like dancing on the edge of a volcano—any slight disturbance could trigger an eruption.

Why reduce holdings? Different circles have their own guesses: is it sensing risk and cashing out early to lock in profits? Or adjusting positions to free up funds for the next move? Or simply afraid of a sharp retracement from a "price spike," so they lower leverage to survive? In crypto, just staying alive is already a profit.

Whale movements often serve as a thermometer for the market. What does this large-scale sell-off really mean? Are the big players becoming more cautious, or is this just a smokescreen for a false alarm? It’s worth pondering. Keeping an eye on on-chain activity is the only way to avoid being caught off guard by market swings.