#以太坊投资机会 Seeing this set of data, my mind flashes back to the scenes before the 2017 and 2021 bull market tops. The net outflow of 69,300 ETH from CEXs seems ordinary, but the underlying logic is worth a close look.

The significant outflow of 72,900 ETH from Coinbase Pro, combined with Bitfinex's inflow being less than one-tenth of that, is a pattern I have seen many times before. Whenever large amounts of funds start to withdraw from exchanges, it usually indicates two possibilities: either long-term holders are positioning, or market participants are rebalancing their portfolios. History shows that the former often signals a bottom accumulation phase.

Do you remember the early ETH accumulation at the end of 2015? It was a similar pattern—institutions quietly withdrawing coins from exchanges while retail investors were still watching. A year later, we realized how precious that positioning opportunity was. The 2021 correction also followed the same rhythm, just scaled up tenfold.

Currently, the concentration of holdings is increasing, coupled with accelerated CEX net outflows. This is not a panic signal; rather, it resembles a re-pricing of funds. In this cycle, similar outflows often occur during three periods: bottom accumulation, consolidation phases, and the final shakeout before a major rebound.

Which stage it belongs to specifically still depends on subsequent trading volume. But from a macro cycle perspective, this phenomenon of increasing concentration warrants ongoing attention—it often signals an upcoming market structure adjustment.