2026-01-20 05:21:53

#数字资产市场动态 Behind the Market Crash, On-Chain Data Is Screaming

What happened today is a bit surreal: the screen is all red, but on-chain data is celebrating.

Pressure Everywhere
The macro environment isn't looking great. Trade tensions between the US and Europe are escalating, putting the entire cryptocurrency market under pressure. Bitcoin repeatedly tests the $92,000 level, with bulls and bears battling it out there. Plus, the upcoming large-scale token unlock on January 23rd (worth hundreds of millions of dollars) is raising liquidity concerns.

Ethereum Quietly Making History
Just as the criticism was mounting, the Ethereum network delivered impressive results: daily transaction count exceeded 2.88 million, hitting a new all-time high. And this is not the key point — despite such high transaction volume, average transaction fees are actually very low, demonstrating the solid effect of network upgrades.

Institutions Are "Voting" with Data
Looking at the on-chain details makes it clear:

Whales Are Not Selling: Institutions like BitMine have recently staked a large amount of ETH again, indicating strong confidence in long-term value.

Entry queues are forming, exit queues are "disappearing": Those wanting to stake ETH are waiting for dozens of days, while the queues to unstake have long been cleared. What does this mean? Everyone is buying, almost no one wants to sell.

Truth Is Often Drowned Out by Noise
Price fluctuations and sensational headlines can confuse people, but what are the real participants looking at? The honest data on the blockchain. While short-term traders are tangled up in news, deep participants have already made their moves based on fundamentals.

This is why knowledgeable people are never scared by superficial price swings — because they are looking at a different ledger.

BTC-3,61%

ETH-6,81%

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GateUser-a606bf0c

· 12h ago

2.88 million transactions hit a new high, and the transaction fees are still so low? The ETH network is truly outstanding, no wonder major investors are staking and not moving away.

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FlashLoanPrince

· 12h ago

The market is red but institutions are celebrating, it's really ironic. On-chain data doesn't lie. ETH staking queues are stretched out for dozens of days, but the unlock queues are gone? That's the real signal, brother. If you're afraid of price drops, just look at the on-chain data. 2.88 million transactions with such low fees, the upgrade is really effective. Big players like BitMine buy more as prices fall, showing that truly knowledgeable people never pay attention to news headlines. Token unlock waves are coming, but people are still buying? This contrast is interesting, I need to add to my position. On a red day, institutions quickly stake ETH again. Their mindset is incredible, really different from retail investors. On-chain is the real ledger. Now I understand why big players are never scared. We need to learn from them. The $92,000 level has been tested repeatedly, it feels like it's about to break, but if the data says it's fine, then it's fine. The long staking queues show strong confidence. Everyone wants to buy but has to wait in line. That's true demand. This wave of price fluctuations is just noise. The real players have already made their moves on-chain. We’re a bit slow to catch up.

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liquidation_watcher

· 12h ago

On-chain data doesn't lie; this is the truth. Bitcoin's recent volatility tests only the mentality. --- Institutions are quietly increasing their positions, while retail investors are still debating the rise and fall. That's the gap. --- Wait, staking queues are lining up for dozens of days? How many people are optimistic about this? --- 288 million transactions can still lower transaction fees. Ethereum's infrastructure really has some substance. --- Behind the red candles is celebration. I just want to know what the next move will be. --- Major holders staking ETH indicate they are not afraid of this wave of macro pressure. --- The unlock wave is coming, liquidity will tighten, but looking at the on-chain activity, it seems no one is backing down. --- Really, those who understand on-chain data don't even look at news headlines; they've already made their moves. --- The 92,000 level is where Bitcoin is fighting hard, waiting for the unlock wave on January 23.

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tx_or_didn't_happen

· 12h ago

On-chain data is the real truth; price fluctuations are just noise. Those who understand have already jumped on board. --- It's the same story again—institutions are accumulating, retail investors are still watching K-line charts and crying. --- 288 million transactions, and transaction fees are still so low? Ethereum really has something this time. --- The staking team has been staking for dozens of days, and the unstaking team is empty. What does that mean? Everyone knows the answer. --- Why all the red screens? Only by looking on-chain can you see the real situation clearly. --- BitMine is still staking ETH. This is called voting with real gold and silver—much better than just talking tough. --- The unlock wave on January 23rd does put some pressure, but Ethereum's performance enough to prove the network itself is fine. --- It’s always like this—news headlines scare people to death, but on-chain data hits reality hard. --- The fundamentals are already laid out; short-term fluctuations can't really affect it. That’s the difference between big funds and retail investors. --- People who understand the industry don’t look at ups and downs; they look directly at another set of ledgers—clear at a glance.

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PhantomHunter