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On-chain funds are showing clear signals of a "risk-avoidance migration."
Monitoring shows that Sun Yuchen previously withdrew 53,660 ETH (approximately $125 million) urgently from Aave, which has been redeployed in a short period into the Spark ecosystem.
Currently, the on-chain fund structure has also changed significantly: about $2.13 billion is concentrated in Sky and Spark, while the funds on Aave have shrunk to around $380 million.
This series of actions releases a key signal — under risk event disturbances, leading capital prefers to adjust protocol exposure first rather than simply holding coins and waiting.
In terms of pace, this is not ordinary rebalancing but a typical "liquidity defense + risk isolation" strategy.
Whales' choices often lead the market by one step.
Follow me for continuous tracking of on-chain large fund movements and DeFi risk migration logic.