#以太坊投资机会 24-hour net outflow of 69,300 ETH—there's more to this number than meets the eye. Remember during the 2017 cycle, every large inflow or outflow was accompanied by intense market volatility, but today’s data pattern appears much calmer—Coinbase Pro’s outflow of 72,900 ETH combined with Bybit’s steady inflow tells its own story.

History shows that an increase in the concentration of holdings often signals a mix of two factors. On one hand, large holders are clearing their exchange positions, moving assets to cold wallets or staking on the mainnet, which was common during the 2020-2021 cycle and ultimately led to liquidity tightening and price support. On the other hand, the transfer of assets between exchanges also reflects market participants reallocating, with Bybit’s absorption possibly indicating some institutions actively building positions.

Every key accumulation period in 2014, 2018, and 2021 started with similar data characteristics. The crucial point isn’t the one-day outflow figure but how long this trend can last and what drives it. The question now is: Is this merely the prelude for institutions to position for the next cycle, or an early signal of a shift in market sentiment?

From past experience, when CEXs experience net outflows and concentration increases, it’s often necessary to observe on-chain activity over the next two or three weeks. The true bottom won’t be confirmed by a single data point, but this data is definitely worth noting.