#以太坊行情解读 $ETH's exchange reserves have fallen to their lowest level since 2015—ETH's market share has broken above 8%. At the same time, Bitcoin holdings on exchanges have shrunk to around 2.75 million coins. This is no coincidence; what is quietly driving this behind the scenes?

Institutions and large investors are transferring funds on a massive scale. They are moving coins into cold wallets, staking, and locking them for the long term—these signals clearly indicate one thing: they believe there is still more to come in the market.

What is the result of this behavior? The circulating supply of coins on exchanges is decreasing. Once large funds enter, even small buy orders can push prices higher. Meanwhile, mainstream US institutions have started offering Bitcoin and Ethereum ETFs to clients, with traditional capital continuously flowing in. Scarcity combined with increasing capital inflows can create a self-reinforcing cycle—the more prices rise, the more people buy; the more they buy, the higher prices go.

But here’s the problem: a bull market often becomes a slaughterhouse for retail investors.

The data is clear—over 90% of retail investors lose money in a bull market. Why? It’s not a lack of opportunity, but a mindset issue. When prices fall, they think "it will drop further," missing the best entry points. When prices rise, they fear missing out, buying at the middle or even the top. Then they frequently switch positions, chase various hot spots, and end up with higher costs while profits are being eroded.

A bull market won't save you. It only exposes all your weaknesses and then fairly liquidates them.

On-chain liquidity is extremely tight, and macro policies are shifting. A major change is brewing. Perhaps this is just the beginning of Ethereum reaching new highs. But those who truly make money are never the ones frantically chasing during a bull run. They have already thought through their strategies and adjusted their mindset before the storm arrives.