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Whales have increased their holdings of 2.1 million ETH over the past 30 days, indicating a bullish outlook for the mid to long term.
On August 9, on-chain data analyst Murphy released data stating that the current ETH chip structure is "very healthy," while also showing a very obvious trend of "de-retailization." In the past 30 days:
· The total holdings of shark groups (holding 100-1,000 ETH) decreased by 309,000 ETH.
· The total holdings of whale groups (holding 1,000-10,000 ETH) have decreased by 698,000 ETH.
· The total holdings of the giant whale group (holding 10,000+ ETH) increased by 2.1 million ETH.
Murphy added that the increase in holdings by the whale group not only fully covered the two main distribution groups mentioned above but also absorbed the chips thrown out by smaller fish and shrimp groups. Currently, the massive chips accumulated in the $2,500-$2,800 range still show no obvious signs of reduction. As more and more traditional capital intervenes, if this trend of whale accumulation continues, then ETH is bullish in the medium to long term.
However, for retail investors chasing highs, it is slightly dangerous. In the short term, the price of ETH and realized profit (RP) are forming a strong divergence. The underlying logic is that the long-term chips with high profits have reduced turnover, gradually shifting to a short-term chip's long-short game, resulting in a situation where prices are higher but realized profits are lower. The divergence of RP and the new high of OI are the most significant manifestations in the data after the intensification of the long-short game for ETH in the short term.