Are the big players finally breathing a sigh of relief? From "cliff edge" to "chip rotation," the four major signals of ETH are speaking.

The recent ETH market movement has thoroughly exposed the true face of the market. In just a few days, from panic to recovery, it may seem unpredictable, but in reality, it’s a game of “clearing positions” and “accumulating” capital. Currently, ETH is priced at $2.95K, with a 24-hour increase of +2.91%, but more importantly, those on-chain signals behind the price rise are the key to determining whether this rebound is a fleeting moment or a genuine rally.

The Big Players Have Recovered, the “Time Bomb” Has Been Removed

Last week, when ETH dipped to a low of $2623, the market’s biggest concern was whether those large traders with high leverage and significant unrealized losses would get liquidated. A super whale who had bet against industry insiders was just $28 away from liquidation, with unrealized losses soaring to a terrifying $44 million. Given the situation at the time, if this position had been liquidated, it could have triggered a chain reaction of liquidations, plunging the market into deeper panic.

But what happened? In just a few days, ETH rebounded to a key support level, and this whale’s unrealized losses shrank rapidly to $16.13 million, recovering $27.87 million! Now, as long as ETH rises to $3,200, he can break even.

This is not luck; it’s a clear signal of capital flow — someone has been continuously buying at the bottom, allowing large traders to exit safely. The biggest hidden risk in the market was this “invisible bomb.” If it had truly exploded, the entire market would have experienced a major earthquake. Now, this risk has been automatically mitigated, indicating that smart money has already positioned itself in advance, and panic selling has largely run its course.

The Rotation of Chips by Historical Big Players Is Not Genuine Selling Pressure

A detail worth noting: an ancient whale who bought 254,900 ETH at a cost of $0.31 during the ICO era, had not moved his position for eight months, but recently transferred 20,000 ETH (worth about $58.14 million) to exchanges.

Many people, upon seeing “whale selling,” become alert, but a detail is often overlooked: chips bought at just $0.31 are now highly profitable, and for him, selling or not selling at current prices makes no fundamental difference; it’s purely a matter of personal capital management.

More importantly, what does this selling activity reveal?

First, large chips can be transferred to exchanges smoothly without causing a market crash, indicating that market liquidity is recovering and there is sufficient buying support. This is much better than the previous scenario of “no buyers leading to a collapse.”

Second, this sale is a natural rotation of historical holdings, not a sudden black swan event. In other words, there are no hidden systemic risks in the market; it’s just old chips making room for new capital.

Therefore, this wave of selling is better understood as “chip clearing” rather than “dumping,” which actually provides more space for new buying interest.

Staking is Steady, the POS Foundation Remains Unshaken

The real measure of ETH’s fundamental stability is always the staking mechanism. SharpLink has earned 443 ETH in staking rewards over the past week, bringing its total rewards since launch in June to 7,846 ETH.

What does this indicate? It shows that even during a sharp decline, the validator ecosystem has not experienced large-scale withdrawals. The POS mechanism relies on consensus to maintain stability; as long as validator rewards are stable, the system won’t collapse.

For cryptocurrencies, a “collapse of the foundation” is the most terrifying scenario. But now, ETH’s staking is as solid as a mountain, with no selling pressure from validators. This means that even if short-term fluctuations continue, the risk of a major crash has greatly diminished. Those who keep shouting “ETH is going to cool off” are probably underestimating the resilience of the POS ecosystem.

Institutions Remain Calm and Won’t Sell Hastily

Finally, let’s look at the attitude of institutions. A chief investment officer of a well-known asset management firm directly responded to rumors: unless ETH drops to a level where “selling is pointless,” they won’t actively sell.

In other words: institutions are more disciplined than retail investors. They are following long-term plans, and short-term 2-3% fluctuations won’t influence their decisions. Their calmness is the best proof of market stability.

Four Major Signals Are Simultaneous, Opportunities Are Emerging

The overall situation is now clear:

✓ Big players’ risks have been cleared — the most dangerous liquidation risks have been mitigated
✓ Liquidity is recovering — large sales are being executed smoothly, indicating strong buying support
✓ Staking remains solid — POS mechanism is stable, the fundamental foundation is intact
✓ Institutions continue to position — smart money is still accumulating

The market has shifted from a pure “panic zone” to a “cautiously bullish zone.” Short-term volatility will still occur, and the crypto market has never been smooth sailing, but the overall trend is reversing. When these four signals appear together, it indicates that systemic market risks are decreasing, and the concentration of chips is increasing — a sign of a new rally on the horizon.