#大户持仓动态 As of 8:00 PM on December 17, 2025, the actions of on-chain whales reveal the current subtle market sentiment. Let's take a look at what the main players, BTC and ETH, have been up to recently:

**BTC signals are looking good**
Large transfers to exchanges (single transfer ≥1 BTC) have dropped to their lowest level since 2018. What does this indicate? Players holding large amounts of BTC are no longer in such a rush to sell off. The selling pressure is weakening, which to some extent suggests that the downward pressure in the market is easing. This is a positive sign.

**ETH's story is a bit more complex**
Recently, BlackRock transferred 47,500 ETH, worth about $140 million, to a leading compliant custody platform. Meanwhile, its Ethereum ETF experienced a net outflow of $139 million. There's a bit of contradiction here; institutional attitudes seem somewhat cautious.

However, some large holders are playing more aggressively. In early December, during market panic, a whale aggressively accumulated 77,385 ETH and subsequently collateralized and borrowed over $220 million USDT. By December 7, this whale directly spent $70 million to open a long position on ETH, betting on a rebound.

**There are also interesting moves on Hyperliquid**
ZEC's largest short position has recently increased both ETH and ZEC short contracts, turning around to become the TOP ETH short position. This indicates that large players are quite divided in their outlook for the future.

**Overall view**
The whale group is currently accumulating coins at low levels, waiting for opportunities to absorb more. The weakening selling pressure on the BTC chain is indeed a good sign. However, on the ETH side, due to institutional fund flows and ETF fluctuations, the bulls and bears are still battling each other. Who will come out on top depends on whose patience holds longer in this wave.