Based on recent sell-off data, although Ethereum is also under pressure, the outflow of funds is indeed better than Bitcoin. The key difference lies in the scale — Bitcoin's absolute sell-off volume is larger, mainly due to its higher market capitalization. Interestingly, Ethereum's actual sell-off size is only one-tenth of Bitcoin's, so the selling pressure is relatively less intense. By closely observing institutional movements, it becomes clear that BlackRock and Grayscale are the main drivers of Ethereum sell-offs. Especially with BlackRock's investors operating on both Bitcoin and Ethereum, it clearly reflects the strategic flow of institutional funds between crypto assets — this targeted reduction indicates differing attitudes of institutions towards the current market.

Major on-chain activity spotted: over 10,700 BTC worth approximately $935 million just moved between wallets. While the source and destination remain unidentified, this kind of large-scale transfer typically catches the attention of market watchers. Whether it signals accumulation, repositioning, or simply internal wallet management remains unclear—but moves of this magnitude don't go unnoticed in the trading community. Keep an eye on what happens next.

#2025Gate年度账单 2025 has undoubtedly been a year full of contradictions and controversies for Ethereum. Despite influencers promoting, various DATs, numerous technical upgrades, and hacker campaigns, the performance in the secondary market has been disappointing: Ethereum has fallen into an "awkward" middle ground: in terms of asset attributes, it seems to lack the pure commodity and safe-haven consensus that Bitcoin as "digital gold" possesses; in terms of technical performance and fee capture, it faces fierce competition from high-performance chains like Solana and Hyperliquid, which appear to be more aligned with investors' preferences and valuation models in throughput and fee capture. Additionally, the 2024 Dencun upgrade did not restore Ethereum's former glory but instead became a nightmare that devours narratives.