On-chain interpretation should avoid treating the exchange order book as evidence of a “whale buying.” What we can confirm today is: BTC 24-hour trading volume is about 18,631 BTC and the number of trades is about 3.019 million; ETH trading volume is about 274,000 ETH and the number of trades is about 2.523 million. Price increases come with higher activity, but this alone is not enough to prove that big holders are continuously accumulating. Next, focus on exchange net inflows, the supply from long-term holders, and changes in the balances of large addresses. Even a rally on increased volume still needs an additional layer of validation.