"Anti-logic" and Market Game Perspective

From the perspective of market participants' game, the current market is forming a typical "liquidity and emotional trap":
Retail investor sentiment at freezing point and derivatives washout: As the price breaks below multiple long-term moving averages, long leveraged positions in the market have recently undergone fierce liquidations. Mainstream media and analysts have generally turned extremely pessimistic. Such a consensus of bearish expectations often indicates that short positions are beginning to be overloaded.
Divergence in institutional whale behavior (whales quietly accumulating): Notably, while ETF retail investors and traditional institutions' compliant funds are flowing out, industry whales like Bitmine and large crypto mining companies have publicly announced in May and June that they have been continuously and significantly increasing their ETH positions, with total holdings reaching millions of coins. This conversion of chips—"spot outflow but whale lock-up"—suggests that major capital is using the current panic to secretly accumulate liquidity in the "retail blind spot" below $2,000. $ETH