#大户持仓动态 ⚠️ On-chain anomalies are here! ETH exchange reserves have fallen back to 2016 levels—does this mean a bull market is coming?

Recently, there’s a striking data point—the amount of ETH held on exchanges has dropped to a low not seen in 8 years. BTC isn’t doing much better, with exchange-held custody around 2.75 million coins. Market liquidity is tightening, while large holders and institutions continue to buy, withdraw, and hold long-term positions.

There are even bigger moves brewing behind the scenes. U.S. banks have announced a plan—starting in 2026, they will recommend crypto asset ETFs to clients. In plain terms, this is another window opening for traditional finance to enter the crypto market, and a large influx of capital may follow.

But there’s a hidden risk to watch out for: **The real bull market is actually the easiest time to cut retail investors’ gains**. Fearful of drops, they sell out; chasing high during rises, they buy in. Most people get caught in this "panic—greed" cycle, watching the trend pass them by.

The correct stance at this stage is to stay calm and plan carefully, rather than follow the herd and chase rallies:

✅ **Hold the main coins’ foundation**
Core assets like BTC and ETH need to be stabilized, with gradual accumulation on dips. Don’t try to sell everything just because of short-term fluctuations; in the face of long-term trends, these short-term swings are insignificant.

✅ **Explore structural opportunities**
Consider looking into early-stage, highly community-approved niche sectors, such as certain projects within the Ethereum ecosystem. But keep your positions strictly controlled, and always stay risk-aware.

🔍 Tightening supply, technical upgrades, and macro liquidity expansion—these three forces may be forming a synergy. The new cycle’s starting point is right in front of us, but opportunities always come with tests. Planning your strategy and maintaining your mindset are key to long-term success.