Ethereum has shown an interesting contrast in its recent 24-hour movement — while the price has only fallen by 0.2%, the on-chain capital game signals are extremely complex.

From the accumulation perspective, BitMine has significantly accelerated its reserve expansion recently, adding 67,886 ETH, estimated to be worth $201 million at current prices. Even more aggressive is a whale called '66kETHBorrow,' which recently bought over 40,000 ETH in one go, accumulating a total of 569,000 ETH since November 4. Such large buy orders typically reflect strong confidence from big funds about the future market. Technical indicators also support this — the RSI 6-period index jumped from the low 30s to 73 over the past 10 hours, a reversal from extreme oversold to overbought, often indicating a short-term rebound.

But the other side of the story isn't so optimistic. BlackRock and several other major ETFs sold a total of $95.5 million worth of Ethereum, directly causing a net outflow of spot ETF funds. More concerning is that a seasoned whale transferred 100,000 ETH (worth $292 million) into a trading platform wallet, a move often seen as a precursor to dumping. Additionally, ETHZilla has liquidated 24,000 ETH to pay off debts, and operational sell-offs are gradually increasing market supply pressure.

Community opinions are currently highly polarized. The bearish camp believes the price will continue to decline, but there are also aggressive bulls viewing the current position as a historic entry opportunity. Overall, Ethereum is now at a crossroads, with whales, institutions, and technical signals each telling different stories.