That whale recharge chart made me pause for a long time. This is not just a trading signal; it feels more like the eve of a major event.

"Before the storm, the market always calms down temporarily." When I saw the latest on-chain data, this phrase flashed through my mind.

A golden whale holds a huge amount of Ethereum, still at a loss, but quietly poured 3,000 ETH into a major exchange. Meanwhile, Ethereum’s leverage ratio soared to 0.611—an unprecedented high in history. Traders are continuously increasing leverage as if possessed.

In a high-leverage state, sudden divergence of whales? That often signals an imminent surge or crash. I’ve experienced several complete cycles, and each time this pattern indicates trouble is coming.

**The Illusion of Market Surface**

On the surface, it looks pretty good—70% of derivatives are long positions, and the market sentiment is indeed optimistic. But the Ethereum inventory on exchanges is only 0.032, the lowest since September 2024, with little stock left to sell.

Supply and demand should push prices up. But here’s the trap: excessive leverage amplifies any bad news into a disaster.

Open interest remains stable above $38 billion, with such a heavy position, the volatility space is limited. In this environment, even small events can trigger a chain reaction like an avalanche. A high-leverage market is like a haystack—just a spark can burn it all down.

**What On-Chain Data Is Saying**

Every move of the whale is worth paying attention to. The behavior of these veteran players often explains more than any press release.