Lately, I've been getting a bit addicted to monitoring the market, and on-chain data tells me that interesting things are happening.

Yesterday, while analyzing data, I noticed a phenomenon — a whale directly bought nearly 68,000 ETH in one day. At the same time, gold prices hit a new all-time high at $4,500, but the flow of funds has started to show subtle changes. This is no coincidence.

Having been in this market for so many years, sometimes I can sense something different. Recently, I saw analysts predicting that money from precious metals would gradually shift into Bitcoin and Ethereum, and my recent observations completely align with this idea. What does it mean? It indicates that smart money has already started moving.

**The current situation is a bit complicated**

Bitcoin is oscillating between $87,000 and $88,000, while Ethereum is finding support around $2,900. On the surface, market sentiment appears weak, and liquidity has been drained during the Christmas holiday.

But the truly interesting stuff is hidden in the details. There is a clear divergence among whales — some are holding firm despite unrealized losses of tens of millions of dollars; meanwhile, an ultimate short whale has made $83.14 million over less than two months by shorting various cryptocurrencies.

Another signal worth considering: Bitcoin mining difficulty has recently been adjusted down to 148T. Based on experience, such a situation often indicates that miners are nearing their limit. Historically, this level often marks the bottom of a bear market and the prelude to a bull run.

On the technical side, Bitcoin's 50-day moving average has crossed below the 200-day moving average. We are at this point now, so the next move in the market is probably becoming clearer.