On-chain whale game plays a dramatic reversal. According to Lookonchain and EmberCN monitoring, a whale that precisely closed a $398 million ETH long position four days ago at a high price, realizing a huge profit of $68.47 million, re-entered the market to go long after the price retreated, opening 44,000 ETH (about $100 million) long positions at an average price of $2,289. This move is widely regarded as being associated with Matrixport. This precise "buy low, sell high" swing trading is seen as top-tier institutions' recognition of the current mid-to-long-term value at this price level.

However, not all large funds choose to chase the high. On the morning of April 20, a whale sold 9,765 ETH (about $22.46 million) at an average price of $2,300, locking in a profit of $2.38 million, while still holding 1,064 ETH in the bottom position. This profit-taking at the $2,400 resistance level indicates that some participants lack confidence in a breakout of this resistance.
Overall, market liquidity remains positive. Last week (April 13-19), Ethereum spot ETF recorded a net inflow of about $275 million, with BlackRock's ETH AUM contributing $99.2 million for the week. Although there was a outflow of $16.7 million from Grayscale's ETHE on April 16, the last trading day of the week recorded a peak inflow of $127.4 million.
On-chain trading volume also hit a milestone. On April 12, Ethereum's daily transaction count exceeded 3.61 million, setting a new record. In Q1, the mainnet base layer transaction volume reached 200.4 million transactions, a year-over-year increase of over 100%, with network activity far exceeding valuation levels, and the divergence between fundamentals and price continues to deepen. $ETH