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Ethereum is experiencing a major turnover, and it looks bullish for the future!
A silent transformation is taking place in the market: the ownership of Ethereum is undergoing a "big handover" from retail investors to whales.
On-chain data clearly shows that the cost for whales holding over 100,000 Ether is rapidly increasing, with new funds entering the market at higher prices. A key signal is that the cost lines of wallets of different sizes have highly converged, indicating that the old tokens have completed their transfer to new holders.
Behind this turnover lies a fundamental divergence in perspective: many retail investors only see ETH as the "fuel" for trading, losing patience and selling amid the competition among numerous new public chains; whereas whales and institutions view it as a high-quality collateral that can continuously generate returns, firmly accumulating due to their bullish outlook on its stablecoin ecosystem, potential staking ETFs, and long-term on-chain yields.
This strong chip replacement usually occurs before a significant price rise. When supply is concentrated in stronger hands, it lays a bullish structural foundation for the subsequent market.