On-chain data shows that three suspected addresses related to Tom Lee's Bitmine (0xB6a8...9c9E, 0xc2e0...2831, 0x4e5C...276c) received about 100k ETH from BitGo, worth up to $233.7 million. On the surface, it's just a "transfer," but from the perspective of the market maker, such actions are never just about fund movement; they are signals that the position structure is being adjusted. Why? Because large funds don't "move coins casually." Every large on-chain transfer usually corresponds to three things: reallocation of positions, risk exposure adjustment, and strategic planning for the next phase. Retail investors see "ETH being transferred away," but market makers see that: market chips are being re-concentrated. When ETH starts flowing from custodians to new addresses, it essentially means one thing—someone is preparing for the next market move, not exiting.