Recently, an interesting phenomenon has emerged in the Ethereum market — over the past week, large addresses have quietly been accumulating, buying a total of 220,000 ETH. Such large-scale capital movements are often seen as signals of early positioning.

At the same time, positive signals are also being released on the policy front. The Trump team has already been pushing forward with the selection of the new Federal Reserve Chair, with officials indicating that a decision will be made in early January. The selection process led by Treasury Secretary Bessant is widely understood by the market as leaning towards comprehensive reform and interest rate cuts. Once such policy expectations are established, they often directly trigger a shift in market sentiment.

From a technical perspective, the market fear and greed index has risen from the teens to 28, indicating that the panic at the bottom is gradually easing. Bitcoin remains stable around $87,000, compared to the previous similar price level when the sentiment index was only in the teens, the current warming signs are quite evident.

Interestingly, mainstream coins have room for a rebound, while altcoins continue to hit new lows. Without a clear upward breakout in the broader market, altcoins have little chance. Under this divergence pattern, smart money seems to be focusing on mainstream assets.

The current characteristics are very clear: sentiment bottoming out, large addresses accumulating, and policy expectations resonating. Ultimately, capital flows toward the most consensus-driven assets. For leading assets like Ethereum, this is indeed a window worth paying attention to for strategic positioning.