In the early hours, ETH suddenly experienced a flash crash from $3089, falling 40 points within 5 minutes, and the market was plunged into chaos. A large number of traders' long orders were at risk, and all of this didn't seem sudden.

Looking back at the market performance of the past two days, the entire trend has laid the groundwork. On the surface, $120 million in funds quickly pushed the price above $3,000, and the candlestick chart exhibited a typical "breakout with volume" pattern — this is precisely the signal that technical analysts are most easily attracted to. However, on-chain data tells a different story: the bearish contracts on leading options platforms surged by 230,000 overnight, while the top 10 whale wallets quietly sold off 423,000 ETH within three days. This is not a true breakout, but rather a carefully designed "fishing scheme."

**Hidden Logic of Major Player Operations**

This type of operation follows a clear routine. The first step is the "sleight of hand" - the main force uses large amounts of capital to quickly impact key price levels, creating the illusion of a breakout, causing quantitative robots and followers to rush in and go long. At this point, the main force has already positioned short orders at a higher level, waiting for buyers to arrive.

The surface prosperity often hides deep risks. The key is not only to look at the K-line patterns but also to examine the real flow of funds on the chain—this is where the true intentions of market participants lie.