From the data, there really is no reason to be bearish, $ETH whales and sharks are still buying aggressively.

In the past 5 months, wallets holding 1k–100k $ETH have increased their holdings by +14%, approximately 354k ETH.

And the price has surged back to around $4500.

A brief summary of the key information:

- Every time there is a pullback, the whales are accumulating coins.
- Chips continue to concentrate among whales/sharks
- The price and position curve have risen almost in sync.

It is clear that this is not a short-term sentiment, but rather the confidence of large funds in the medium-term outlook for ETH.

At the same time, the strength of $ETH often spills over,
Driving the related ecosystem (L2, RWA, DeFi, AI Agent, etc.) to benefit simultaneously.

When whales and sharks are ruthless, the market's direction is actually already written on the chain.