Recently, the on-chain data community has been buzzing about a hot topic—Ethereum's single-day net inflow reaching 24,500 ETH, the strongest since July last year.

From another perspective, at a price of $3,000, that amounts to over $73 million in funds pouring into exchanges in just one day. This scale is indeed rare.

Those in the know understand what's going on: large amounts of digital assets flowing into exchanges usually indicate only two possibilities—one is that whales are planning to cash out at high levels, and the other is that short-term traders are adjusting their derivatives positions. But regardless of which, the risk of a sell-off afterward should be on high alert.

Imagine the ETH piled up in exchanges like a dam filled with water; although it’s holding temporarily, a breach could happen at any moment, causing a sudden dump. This is also why ETH is currently stuck around the $3,000 mark—more and more chips are accumulating on exchanges, making it increasingly difficult to push the price higher.

Looking back at historical records, whenever such a peak in capital inflow occurs, the market usually experiences intense volatility afterward, sometimes even entering a downward trend directly. So, chasing the high now carries a particularly high risk.

A piece of advice for friends holding long positions: don’t be stubbornly long; reduce your positions and set good stop-losses. The recent trading principle is simple—closely monitor on-chain fund flows, and once a sell-off signal is confirmed, exit immediately. Protecting your principal is the top priority.