Recent on-chain data shows an interesting phenomenon. A large holder named Maji increased their long positions on both ETH and HYPE while prices were falling, with a total scale reaching $25.2 million. This operation is worth analyzing.

The specific data is as follows: Maji bought 8,000 long positions on ETH, with a liquidation price set at $2,875. On the HYPE side, they were even more aggressive, directly staking 55,000 tokens. On-chain monitoring shows frequent large ETH transfers, with several major whale addresses continuously increasing their holdings. This usually indicates institutional-level participants taking advantage of the dip to accumulate.

The movements on the HYPE side are also notable. In the past 24 hours, social media discussion about it has surged by 300%, and the community is filled with various emotions. Whale accumulation often precedes market sentiment—such contrarian actions, especially during panic, typically signal that participants have sensed some opportunity.

From a market cycle perspective, this combination of data has certain reference value. Those willing to add positions during sharp declines often have their own judgment about the bottom. Institutional buying combined with rising community enthusiasm indeed shows some signs of recovery. Many historical rebounds started from such panic-driven bottom phases.

Of course, markets are ever-changing, and data is just a reference. But if you keep an eye on on-chain movements, such whale operations are definitely worth considering in your decision-making. Will ETH and HYPE rebound next, or continue to bottom out? Everyone has their own judgment. What do you think about this wave of market? How are you planning your positions?