On-chain observation: CoinDesk says that wallets associated with North Korea’s Lazarus organization have sold out more than $30 million worth of Bitcoin on Hyperliquid in the past three weeks. On-chain attribution has room for error, so it cannot be simply equated with “whales fully turning bearish,” but these large transfers do increase short-term liquidity shocks, especially in high-leverage markets. Meanwhile, a report says Bitmine added about 53,500 ETH, with its holdings reaching roughly 4.9% of Ethereum’s circulating supply, indicating that there is still a strong side of on-chain accumulation. Conclusion: Disagreements are intensifying—don’t just focus on a one-way narrative; first look at exchange inflows, changes in holdings, and the price reaction.