4E: The dynamics of ETH whales and institutional selling pressure signals intertwine, with on-chain sentiment significantly warming up

According to 4E observations, the risk of long positions held by the most watched "CZ counterpart giant whales" on-chain is rapidly easing. Their ETH long positions, which fell to $2623 last week, were only $28 away from the liquidation price of $2595, resulting in a floating loss of $44 million. Now, the floating loss has shrunk to $16.13 million, recovering $27.87 million. To fully break even, the position still requires ETH to rebound to $3200.
On the other side, there has been a rare movement from "ancient giants" on-chain. A whale that holds 254,900 ETH obtained from early ICOs has seemingly sold 20,000 ETH after eight months, valued at approximately $58.14 million, with an entry cost of only $0.31. The whale recently deposited 20,000 ETH into FalcoinX at a price of $2906 and currently still holds 3,070 ETH on-chain.
On the staking side, SharpLink (SBET) added 443 ETH staking rewards in the past week, accumulating a total of 7,846 ETH since June this year, indicating that the ETH staking yield structure remains robust.
In public opinion, Arca CIO Jeff Dorman once again refuted the rumor that "Strategy (MSTR) was forced to sell BTC," emphasizing that unless BTC falls to a level that makes selling meaningless, Strategy does not need to sell assets at all, and the market rumors are largely misunderstandings.
4E Commentary: The combination of four signals—whales reducing losses, ancient whales cashing out, stable staking yields, and institutional refutations—indicates that current ETH sentiment is shifting from extreme pessimism to neutrality. Short-term volatility remains high, but the structural risks on-chain are decreasing, and the market is re-entering a "cautiously bullish" observation window.