According to on-chain data tracking, Ethereum has recently experienced a significant net buying phenomenon by whales. Meanwhile, retail investors continue to sell off, creating a clear contrast. The underlying logic is actually easy to understand — a large number of retail investors are deeply trapped, with little capital ammunition left to add to their positions. Looking at the fund flows on exchanges reveals this subtle shift: big players are quietly accumulating at low levels, while scattered accounts are forced to cut losses and exit. This structural transfer of chips often indicates that the polarization of market sentiment is deepening.