4E: Crypto whale and institutional investors are moving in tandem, with diverging signals emerging in multi-chain data and fund flow patterns.

According to Mars Finance, 4E Observation reports that on-chain whale"Machi Big Brother" has once again significantly increased his holdings. After depositing an additional 1 million USDC, he opened a long of approximately $13.35 million in ETH at $2883 and added $830,000 in HYPE. His current ETH position has a floating profit of approximately $280,000, with a liquidation price of $2716, demonstrating a clear short-term bullish bias. On the institutional side, global listed companies net bought $13.4 million worth of BTC last week, but Strategy and Metaplanet remained on the sidelines. It's worth noting that Strategy's STRC preferred stock rebounded after a previous correction and is currently only 2.5% below its $100 peg, indicating a partial recovery in market confidence. Mining giant Bitmine continues its aggressive accumulation, purchasing another 69,822 ETH last week, bringing its total holdings to 3.63 million ETH, representing 3% of the total ETH supply. Its total cost was $3,988, and its current unrealized loss is approximately $280 million (-29.6%), reflecting mining companies' continued strong belief in the medium- to long-term valuation of ETH. On the on-chain funding front, Ondo Finance announced a $25 million investment in Figure's FCC-issued YLDS stablecoin to enhance the yield strategy of its flagship tokenized US Treasury bond fund, OUSG. Currently, OUSG's total value locked exceeds $780 million, backed by traditional giants such as BlackRock and Fidelity. 4E Commentary: While whale and mining companies continue to increase their holdings, institutions remain cautious, resulting in a market divergence between "on-chain risk-taking and secondary market stability." The inflow of USDC and heavy ETH holdings signal a bullish trend, while the slowdown in institutional buying suggests that overall risk appetite has not fully recovered, and the short-term trend may remain range-bound.