【There’s data on-chain, I’ve been watching it for two days, and I can’t hold it in anymore】
It’s up 7%, up 54% over a week, and the Fear & Greed index is 70—
On the surface, it’s pure celebration. But after two days of checking on-chain data, there’s something that makes my spine go cold.
You’ve all seen the thing about volume expanding—over 5% of market cap. It’s a signal that a big行情 may be coming. But here’s the question: who’s buying, and who’s selling?
I looked into the exchanges’ net flow. The main market maker wallets have recently shown net outflows on a fairly large scale. What does that mean?
It means the truly heavyweight supply is moving out. It’s not the little coins from retail—retail can’t produce this kind of volume.
So here’s the problem—
The coin price is clearly going up, but the big players are offloading. Does that logic make sense?
Actually, yes. When the market rebounds, big players using the momentum to “delever” is a classic move. They don’t need to sell at the very top. They just need to sell into the sentiment of “everyone thinks it will keep going up.” And at that moment, the money that comes in to buy the dip is often late, chase-buying capital.
So can you chase ENA in this move?
My view is that this position is currently caught between support and resistance—there’s a possibility it moves either way. But the on-chain signals suggest big players aren’t as optimistic as you might think.
Low valuation doesn’t automatically mean it should rise. If fundamentals haven’t changed, low valuation is only a necessary condition for a rebound, not a sufficient one.
Back in 2017, I’ve seen the “valuation is low, so I’ll bottom-fish” story too many times—the ending is something you all already know.
On-chain data won’t lie, but people’s hearts can.
So what’s your mindset right now? If you hold ENA, are you planning to cash out while it’s pumping, or do you still think it’s just getting started?
It’s up 7%, up 54% over a week, and the Fear & Greed index is 70—
On the surface, it’s pure celebration. But after two days of checking on-chain data, there’s something that makes my spine go cold.
You’ve all seen the thing about volume expanding—over 5% of market cap. It’s a signal that a big行情 may be coming. But here’s the question: who’s buying, and who’s selling?
I looked into the exchanges’ net flow. The main market maker wallets have recently shown net outflows on a fairly large scale. What does that mean?
It means the truly heavyweight supply is moving out. It’s not the little coins from retail—retail can’t produce this kind of volume.
So here’s the problem—
The coin price is clearly going up, but the big players are offloading. Does that logic make sense?
Actually, yes. When the market rebounds, big players using the momentum to “delever” is a classic move. They don’t need to sell at the very top. They just need to sell into the sentiment of “everyone thinks it will keep going up.” And at that moment, the money that comes in to buy the dip is often late, chase-buying capital.
So can you chase ENA in this move?
My view is that this position is currently caught between support and resistance—there’s a possibility it moves either way. But the on-chain signals suggest big players aren’t as optimistic as you might think.
Low valuation doesn’t automatically mean it should rise. If fundamentals haven’t changed, low valuation is only a necessary condition for a rebound, not a sufficient one.
Back in 2017, I’ve seen the “valuation is low, so I’ll bottom-fish” story too many times—the ending is something you all already know.
On-chain data won’t lie, but people’s hearts can.
So what’s your mindset right now? If you hold ENA, are you planning to cash out while it’s pumping, or do you still think it’s just getting started?