An interesting phenomenon: the smart money from institutional traders in CME futures and the on-chain giant whales on Bitfinex have surprisingly aligned in this round of the market.

Speaking of which, these two groups normally have little to do with each other—on one side are traditional financial institutions entering through CME, and on the other are major players and whales in the crypto space. Their sources of funds, trading venues, and even active time zones can be half a globe apart. Logically, there shouldn't be any connection.

But looking at the data reveals the clue. Since BTC surged to around 110,000, both sides' position adjustments have been almost synchronized—both started reducing their holdings. This is not a coincidence but reflects a certain consensus: at this price level, whether institutions or whales, they are making the same judgment. This kind of consistency often indicates that the market may be facing an important turning point.