On-chain data shows some interesting anomalies worth analyzing.

The events of the past week have been quite eye-catching— a mysterious whale executed 55 consecutive buy orders, acquiring 390,000 ETH with a trading volume of about $1.37 billion. Immediately after, a major holder originally focused on Bitcoin, with a portfolio worth around $11 billion, also started buying ETH, pouring in $400 million in one go.

Typically, such large buy orders should push the price upward, but what happened? ETH seems to be stuck, hovering around $3,400 without moving. This almost suggests that something significant is happening behind the scenes.

Looking at on-chain exchange data, the number of whale addresses increased from 1,200 in early October to 1,350 on November 8, a 12.5% increase. More importantly, these big players immediately withdrew ETH from exchanges after buying, causing exchange reserves to drop to a near 10-year low—only 120 million ETH remaining. This clear signal indicates they are accumulating, not planning to cash out in the short term.

There's also an interesting detail. The smart money that precisely shorted before the October 11 dip, earning about $200 million, has now changed its stance, turning to long positions, holding $104 million in long contracts. These investors' real money seems to be quietly signaling: now is a good time to bet.

Every silence in the market might be brewing something.