#数字资产市场动态 An observation for all coin holders: Gaining insight into market truths from on-chain whale behavior

Yesterday, on-chain monitoring caught an interesting phenomenon—the whale address 0x3c9E, known for "buying the dip and selling the rally," panic-sold 4,000 ETH during a correction. Bought in at $3,233, hurriedly sold at $3,110. This transaction resulted in an unrealized loss of nearly $500,000, not including recent overall position losses.

Many people get scared at the words "whale dumping," but looking at it from another angle—this is a clear sign of extreme market sentiment. It’s also the main reason I remain bullish on this current range and believe the opportunity outweighs the risk.

**Understanding Market Rhythm Through Behavioral Patterns**

This whale’s trading approach is a classic example of a cautionary tale. Starting January 9, it bought every day, appearing determined on the surface, but in reality, it’s a typical FOMO pattern—buying the high with enthusiasm. When the market adjusts, it immediately becomes skittish and rushes to sell. Essentially, it’s retail trader psychology reappearing—trading driven by emotion, with no discipline whatsoever. Whenever such "counter-signal" appears, it often indicates that a short-term shakeout is nearing its end.

**Details in On-Chain Data Say It All**

Pay special attention to these two points: First, he was adding to his position 11 hours before the dump. What does this indicate? His decision was entirely driven by short-term volatility, with no real conviction. Second, the average selling price of $3,110 coincides with the main cost zone over the past month. In other words, the whale was offloading at a strong support level—who took over? Certainly not retail investors, but institutions and smart money with better pricing ability and a longer-term perspective.

**My Judgment and Current Strategy**

I’ve always emphasized: occasional corrections in a bull market are inevitable, aimed at shaking out leverage and those with uncertain convictions. The panic-selling by whales is actually a sign that the "market cleansing process" is entering its intense phase. The fundamental logic of ETH remains unchanged, and the expectation of a macro liquidity cycle shift persists. Today's price fluctuations? They are simply the market’s "emotion tax," and this whale is just paying it on behalf of everyone.

Don’t be scared by large transfers from a single address. True trading wisdom is staying clear-headed when others are losing theirs. The market, in this fierce exchange of bulls and bears, is brewing strength for the next phase of the trend.

$ETH