I just came across some data about project unlocks, which has also been confirmed by on-chain monitoring tools. The core issue is not the fund outflow itself, but the timing — a significant outflow occurred on the first trading day after the unlock.

This is definitely not retail investors acting. To withdraw this amount instantly, it must be either institutional investors or early project participants. Their behavior logic is very clear: they either doubt the project's short-term performance on exchanges or urgently need cash. In other words, these insiders have chosen to cash out immediately.

Carefully examining recent on-chain movements, there are indeed several large addresses pulling funds from liquidity provision and lending markets. This is not an isolated phenomenon but a combination of multiple signals. For me, this means that in the coming period, newly launched tokens, especially those with higher valuations, will face significant selling pressure. Market liquidity supply will also be squeezed as a result.

Short-term market sentiment will be affected by this kind of information, and the altcoin sector in particular will feel the pressure. Smart money may have already started shifting towards Bitcoin and leading mainstream coins, seeking relative safety. Buying into those "already fallen significantly" new tokens now carries considerable risk — there may still be further downside.

The advantage of on-chain data is that it directly reflects the true flow of funds, rather than market sentiment or rumors. To stay ahead of the market, you need to understand what these data are really telling us.

My straightforward advice: in the next one or two weeks, the strategy should prioritize risk management, observe more than operate, and wait for this panic-driven fund withdrawal wave to pass. Opportunities will always come, but if your principal is compromised, it might be impossible to recover.