Market news is everywhere, but it's better to watch on-chain activity. Recently, the actions of a well-known trader provided an interesting case.

While publicly bullish, his wallet was frequently transferring large amounts of ETH to exchanges and market makers. What does this mean? Simply put, it's a feint to the east while attacking to the west. Media outlets are touting optimism for crypto assets, claiming fiat liquidity is improving, and suggesting to buy the dip on altcoins, but what about actual operations? Converting ETH into USD stablecoins, and within 7 hours, using $1 million to buy ENA, increasing cash holdings.

This isn't just switching between risk assets; it's preparing for possible sharp volatility.

**Short-term outlook**

ETH is facing real selling pressure. Large transfers to exchanges are potential sell signals, and with overall liquidity tight at year-end, any small disturbance can trigger a chain reaction.

**How to respond**

First, check your positions and avoid sleeping on high leverage. Second, keep some powder dry—if you need to turn around, you should have stablecoins ready to seize opportunities. Lastly, don't just focus on concepts; pay attention to what these big players are actually buying—assets like ENA represent specific DeFi directions, which are more valuable than empty talk.

On-chain data speaks for itself; the key is to calmly interpret it.