On-chain observation | How should whale transfers be interpreted? For this batch, we did not obtain verifiable real-time large-transfer details, so we are not drawing conclusions such as “whales are buying the dip.” To judge a large transfer, at minimum verify the address label, transaction hash, and destination: transfers into exchanges may increase potential selling pressure, but may also be custodial rebalancing; transfers out may be custody migration and do not necessarily mean buying. Then look at exchange net flows and actual trading activity. Cross-checking multiple indicators is more reliable than a single screenshot of a large transfer. #链上数据 #whale