The movement of large institutions' ETH holdings has always been a market indicator. What is the logic behind BitMine continuously staking 460,000 ETH? Similarly, Trend Research Mingpai holds 620,000 ETH, with an unrealized loss of 110 million yet still increasing their position. Is this operation a genuine market judgment or a psychological game after being trapped?

There is an interesting phenomenon in the trading market. "Shorts close early with small losses, then close later with larger losses"—is this phrase just market participants creating hype, or does it indeed hide an executable trading logic?

What’s more worth pondering is the classic argument: "The Federal Reserve gradually loosens monetary policy, rising prices inevitably force short squeezes, and continue to buy on dips." Is this a self-redemption for those caught, or does it reveal an underlying driving force beyond mainstream narratives? The betting directions of large positions and order callers often hint at their true expectations for the market. When institutional chips keep increasing while market sentiment remains tangled, a divergence occurs—some see risk, others see opportunity.