4E: The synchronization of encrypted whales and institutional trends is heating up, with multiple chains showing divergent signals in capital flow data

According to 4E observations, the on-chain whale "Brother Ma Ji" has once again significantly increased its position. After adding 1 million USDC, it opened a long position of approximately 13.35 million USD in ETH at 2883 USD and increased its position by 830,000 USD in HYPE. The current floating profit of the ETH position is about 280,000 USD, with a liquidation price of 2716 USD, showing a clear short-term bullish tendency.
On the institutional side, last week, global listed companies cumulatively net bought 13.4 million USD in BTC, but both Strategy and Metaplanet remain cautious. Notably, Strategy's STRC preferred shares rebounded after a previous correction and are currently only 2.5% lower than the 100 USD peg price, indicating a partial recovery of market confidence.
Mining giant Bitmine continues to accumulate aggressively, purchasing another 69,822 ETH last week, bringing its total holdings to 3.63 million ETH, accounting for 3% of the total ETH supply. Its average cost is 3988 USD, with a current paper loss of about 280 million USD (-29.6%), reflecting the mining company's firm belief in the medium to long-term valuation of ETH.
On the on-chain capital allocation side, Ondo Finance announced a 25 million USD investment in the YLDS stablecoin issued by Figure's FCC to enhance the yield strategy of its flagship tokenized US Treasury fund OUSG. Currently, OUSG's locked position has surpassed 780 million USD, with allocations including traditional giants like BlackRock and Fidelity.
4E Commentary: The whales and mining companies continue to increase their positions, while institutions remain cautious, leading to a market pattern of "on-chain risk-taking, secondary market stability." The inflow of USDC and heavy ETH positions release a bullish signal, while the slowdown in institutional buying suggests that overall risk appetite has not fully recovered, and short-term trends may primarily maintain a range-bound fluctuation.