Today's on-chain highlights: Whale 0xE37F sold 1,857 ETH five months ago at $2,251, but now is buying back 1,501 ETH at a high price of $4,114, worth 6.17 million dollars: this kind of "low sell high buy" is not entirely rational, but rather amplifies market fluctuations as an emotional operation.

But it is important to note:
– On-chain transparency (Lookonchain, etc.) turns whale behavior itself into a market signal, sufficient to trigger a chain reaction.
– Some whales lack a risk framework and are repeatedly harvested by the market in panic/greed.
– The real trend is often reflected in the macro: ETH staking increases by 2,589 coins daily (≈$1100 million locked), new ETF inflows on the first day amount to 32 million USD, and nearly half of retail believes it will reach $5k by the end of the year.

Conclusion: ETH has shown a "dual support of funds and confidence" in the $4,000–$4,100 range. Whale wallets may be emotional, but the on-chain capital flow and institutional buying power are the key forces that determine whether it can challenge $5,000–$6,000 by the end of the year👀