#非农数据超预期 The market is sluggish, and investors are on high alert.

In the past week, the frequent large transfers of BTC and ETH from BlackRock to Coinbase have attracted the attention of many investors. When many see the transfer activity, they immediately interpret it as a signal for a market crash and attempt to interpret the short-term market based on this signal. But is this methodology really valid? Last night, BlackRock transferred a large amount of BTC and ETH to Coinbase again.

In the early hours of November 25, Evgeny Gaevoy, founder of the market-making giant Wintermute, commented on this matter on X, stating: "This (BlackRock's large transfer) is actually a lagging indicator. The sell-off has already occurred in the ETF. The on-chain transfers of market makers are often the same situation."