Ethereum on-chain turnover data shows a significant anomaly. In the past 24 hours, the total ETH turnover has approached 630,000 coins, compared to 180,000 coins during the same period the previous day, an increase of over 240%. This surge in on-chain activity often indicates that large investors are quietly adjusting their positions—whether it's bottom fishing or reducing holdings, the sharp increase in on-chain turnover can reveal the market's true sentiment. From January 2 to 8:00 AM on January 3, the changes in the holding structure are worth close attention. The surge in turnover volume may imply that market participants are re-evaluating ETH's value expectations.