#2026年比特币行情展望 On-chain monitoring has just detected a noteworthy activity — the WLFI reserve address has made a significant move, clearing out $15.07 million worth of WBTC and converting it entirely into WETH. What is the underlying logic behind this?

From a data perspective, it’s quite interesting. WLFI initially built its WBTC position in early 2024 at an average price of $104,710. Now, it has chosen to take a loss of $1.978 million to rebalance, with the new WETH position averaging $3,260. On paper, it’s a loss, but what does this operation reflect?

The most direct phenomenon is a change in flow direction. Large outflows of WBTC are accelerating in mainstream DeFi protocols like Aave; simultaneously, the number of addresses accumulating WETH continues to rise. This is not just an individual address’s move but a trend signal — institutional funds are adjusting their strategies.

Why shift from Bitcoin to Ethereum? Several factors stack up: rising expectations for Ethereum spot ETFs, ongoing ecosystem upgrades, and sustained DeFi yields. In contrast, Bitcoin at high levels lacks new catalysts. Based on on-chain data and fundamentals, Ethereum’s medium-term allocation attractiveness is indeed increasing.

Losses to rebalance may seem irrational, but this is a typical forward-looking strategy — rather than holding onto some unrealized gains, it’s about positioning early for potentially larger gains. This operational logic is common among institutional allocations.

Of course, this is just one aspect of on-chain signals. A single transaction is not enough to determine the market direction; further observation of subsequent actions by more addresses and changes in on-chain data is necessary. But at least, this signal is worth considering for traders when making decisions.