This week's trends in the crypto world are worth paying attention to.

From on-chain data, the flow dynamics of BTC are clearly changing. In the past 24 hours, 640 BTC have been withdrawn from exchanges, and over the past week, the total outflow has exceeded 10,000 BTC. In the past 30 days, the outflow has reached over 30,000 BTC. Meanwhile, exchange wallets still hold more than 2.48 million BTC. What does this series of data reflect? The long-term holding willingness of market participants is increasing, and selling pressure is easing.

Even more interesting are the actions of large holders. A whale that previously sold 255 BTC has recently increased its short positions—total position size is about $1.7 billion, holding 959 BTC (cost basis $91,394), 17,600 ETH (cost basis $3,139), and over 200,000 SOL (cost basis $133.8). At the same time, this whale has also small-scale deployed a 10x leveraged long position in SUI, with a scale of 8,491 tokens. This large short + small aggressive long positioning reveals market participants' complex expectations for the future trend.

Market news is also heating up. In the space tourism sector, there is news that a well-known space company has announced accepting ETH as a payment method, marking another expansion of crypto assets into the real economy. Meanwhile, the Federal Reserve's latest rate cut expectations are adjusting— the probability of a 25 basis point rate cut in January has risen from 14.9% last week to 17.2%. Changes in liquidity expectations often drive capital reallocation.

However, uncertainties in the global situation are increasing. Major geopolitical shifts could become "black swans" in the capital markets, further pushing up market risk premiums. At such times, on-chain data and large holder positions become even more valuable as reference indicators.