Last night, the ETH trend validated a key judgment - the rebound encountered resistance in the pressure zone and directly turned to fall. Those traders who placed short orders at high positions should see good returns from this pullback.

The most concerning question in the market right now is: will it continue to push up to 3480, or will it pull back to 3150 to find support? The answer to this question should start with the recent flow of funds and the news game.

**The True Intent of Institutional Accumulation**

Don't assume a bull market is coming just because you see "large investors buying in." The logic behind Bitmine's recent increase in holdings is worth pondering.

As one of the largest institutional holders in the Ethereum ecosystem, Bitmine's operations have never been short-term speculation. This round of building positions is more like a strategic layout—positioning in advance for future ecological expansion, rather than lifting retail investors. They are focused on the long-term value release of Ethereum, not on the current few hundred points of volatility.

Looking at the sellers again, the chips come from FalconX, Coinbase and the like.