That day, watching ETH plummet from $3030 all the way down to around $2800, a drop of over 200 points, I finally understood what "buy the rumor, sell the fact" means. The retail investors who were still celebrating a few days ago are now all firmly pressed at the top.

Honestly, having followed the crypto market for so many years, my biggest takeaway is: this circle is definitely not above the law. Any slight change in macro policies can determine the rhythm of the whales' survival— and also decide the fate of ordinary investors.

How did this rollercoaster of ETH happen? It all started with a comment from the Federal Reserve. Officials first hinted that "the employment market is weak, with room for rate cuts." As soon as this was announced, the entire market exploded. Everyone was calculating: rate cuts = liquidity easing = funds flowing into high-elasticity assets, and cryptocurrencies are definitely the first choice. As a result, ETH was pushed up to $3030. Retail investors, seeing this rally, were afraid of missing out on doubling opportunities, and rushed in one after another.

And then? The Fed quickly threw in another punch: "Considering a mild rate cut." This immediately reversed expectations, shifting from "significant easing" to "possibly just a small adjustment." The market instantly woke up, and high-position chips held by retail investors became hot potatoes. The whales had been waiting for this moment, and they ruthlessly dumped their holdings amid panic, completing a clean exit.

Thinking about it, this routine happens every time: policy signals → capital inflow → buying at high levels → policy reversal → whales cutting losses and fleeing → retail investors getting trapped. It’s not that the market is ruthless, nor that the main players are too vicious; it’s an inevitable result caused by information asymmetry.