Recently, an interesting phenomenon has emerged in on-chain data—large holders with over 100,000 ETH have not chosen to exit the market; instead, they continue to accumulate in the $2700-$2800 range. According to on-chain distribution data, this price range has already gathered a significant amount of cost basis, accounting for nearly 23% of the circulating supply, mainly concentrated between $2700 and $3100.

From this perspective, $2700 has indeed become an important consensus level for major funds. Once this support is broken, there is a lack of obvious buying interest below. However, it is worth noting that whales are still holding firm at this level; although their actions have become more cautious, they have not given up.

For market participants, the current environment requires a more rational approach. First, frequent cutting losses near key support levels carries a high risk of incurring losses at low positions. Second, if the price falls below $2700 and trading volume increases, caution should be exercised in the short term, as blindly catching the bottom could be risky. The third point is also crucial—pay attention to the movements of large on-chain holders, as their chip flows often reflect genuine market expectations.

The market is undergoing a process of chip concentration, and the time lag in information acquisition can directly impact decision quality. In this environment, observations based on on-chain data are more valuable than blindly following the trend. Maintaining an understanding of market rhythm and controlling position risk are the keys to steady trading.