Yesterday afternoon, ETH suddenly shot up with a bullish candle nearly 300 points. The trading group was filled with cheers and laughter, but a seasoned trader quietly closed the market software, opened another page to look at his stablecoins, and softly said, "The show has just begun."

This morning's market was truly exciting. The Bank of Japan finally cut interest rates, delivering the final blow, and the market staged a dramatic "expectation kill"—ETH directly broke below 2775, over 420,000 positions were liquidated collectively, and retail traders' stop-loss orders kept hitting the market one after another.

Interestingly, on-chain data told a different story. The top ten whale accounts' positions remained unchanged, and they quietly took nearly 80,000 ETH at the 2780 level. Where's the panic selling? Clearly, they are just opening their bags, waiting to scoop up chips.

In the afternoon, the interest rate hike data was officially released, and the "bad news is fully priced in" script played out as expected. ETH quickly surged to 2985 within three hours, with many cheering, "The big players are giving out benefits, it's time to eat."

But the truth isn't that simple.

A warning sign is right here—the 2985 level exactly sits on the trapped positions from the previous decline at 3030. Retail traders who were cutting losses this morning now want to chase the high to recover their positions? Do the big players have such kindness?

There's an even more heartbreaking point: tonight, $23 billion in options contracts expire. Both Bitcoin and Ethereum have a mountain of put and call options, and market liquidity is under pressure. At this moment, whichever way the price moves could trigger a wave of volatility.

So, whether to chase the high or not, you need to think carefully.