ETHFI faces a dilemma: although its 24-hour price increase is only 0.66%, underperforming the broader market, on-chain large transaction signals are heating up.

The project's $50 million buyback plan is underway, with 264K ETHFI already purchased and burned. More notably, whale wallets have net bought up to $29.7 million in the past 24 hours, indicating that institutions or large investors still have confidence in the asset. It is worth mentioning that market celebrity Arthur Hayes has also taken contrarian positions during this decline, despite his cautious stance on the Ethereum ecosystem.

From a technical perspective, the RSI indicator has fallen to 40, clearly in the oversold zone, which often signals potential for a rebound. Although the chart lacks obvious strong signals, the stark contrast between genuine buying activity on the supply side and the logic of large investors buying in—market sentiment is weak, but smart money is bottom-fishing against the trend. Whether the trend can reverse depends on whether subsequent trading volume and buyback progress can continue to develop.