The crypto world has exploded again these past two days - a Whale suddenly dumped 100 million USD to buy ETH. In the current market situation, it's indeed shocking. Right now, the price of Ethereum is fluctuating constantly, market sentiment is low, and suddenly such a large sum comes in, some people are extremely excited (finally there's hope), while others feel a chill down their spine (this is not a market rescue, it's clearly a warm-up before the play people for suckers).

To be honest, the movements of whales in the crypto market can indeed reveal some clues. But this issue is not that simple. To determine the market trend based on a large buy order is quite naive. To truly understand this matter, we need to analyze it from several perspectives - who the whales actually are, what cycle the market is in, how ETH itself is performing, and compare it with past real cases.

First, the concept of "Whale" needs to be clarified. The major players on the chain are diverse. It could be formal entities like Grayscale or BlackRock entering the market, or it might be actions from quantitative funds, or even the personal decisions of a seasoned player. The sources are different, and the motivations vary greatly. If compliant institutions like Grayscale or BlackRock are buying, then the situation is different—this means that someone is optimistic about the long-term value of ETH, and it could also indicate confidence in market regulatory and environmental aspects. Funds of this nature often come in with higher solidity, which can provide a genuine stabilizing effect on the market.

But from another perspective, what if this 100 million USD comes from short-term speculative teams or quantitative arbitrage funds? The trick is reversed: first, spend a large amount of money to create a false impression of "entry," attracting retail investors to FOMO follow suit, and once the price is pushed high enough, then sell off to harvest. This kind of performance has happened more than once in the crypto world. Therefore, just looking at the big numbers is not useful; you need to see where the money comes from. According to the current on-chain information available, the association situation of this 100 million USD ETH transaction address is still not transparent enough...