#以太坊行情解读 On-chain anomalies are occurring frequently, and signals of the pre-bull market are already flashing.

Just now, a key move drew attention—at 21:55, 1,000 Bitcoins (worth over $70 million) were transferred from the address of a well-known custodial institution to a hidden address. This is not a small, scattered transfer; it’s a heavyweight move at the whale level. Every such large transfer could be a precursor to upcoming market changes.

What’s even more worth pondering is: the Bitcoin spot holdings on mainstream exchanges have already dropped to historic lows. What does this signify? Coins are moving out of the exchange liquidity pools on a large scale, flowing in two directions—either being self-custodied by institutions and large holders or entering long-term cold wallets. The supply side is clearly tightening. Once a new wave of demand arises, how intense will the market reaction be?

Looking at past cycles, bull markets never arrive without reason. They always unfold quietly—first, visionary funds are quietly positioning, with increased on-chain transfer activity; then, the available Bitcoin on exchanges begins to tighten, and the volume that can be easily matched gradually compresses. When the supply of tradable coins becomes increasingly scarce, even a routine buy order can exert a leveraged push on the price. It’s like a compressed spring, gradually accumulating energy.

$BTC $ETH

The data doesn’t lie. The secret transfers by whales and the simultaneous depletion of exchange inventories have always been early warning signals that market sentiment is shifting from silence to explosion. After the last such combination of signals appeared, what was the market’s response?

Will history repeat itself? Or will this cycle play out a different script? Do you also feel the pulse of this market agitation? Share your observations and judgments in the comments.