After the data from Odaily Planet Daily came out,

$MERL briefly surged above 0.44, with a 24-hour increase of 17%,

many people's first reaction was to continue chasing.

However, at the same time the price was pushed up,

a very clear signal appeared on-chain —

approximately 16 million MERL were directly transferred to Bybit, worth nearly 8 million USD.

Such a volume, at this point in time, is basically impossible to be a purposeless operation.

Putting it on the exchange has only one practical significance:

to prepare in advance for selling or increasing liquidity.

Interestingly, this action occurred before a concentrated unlocking.

Rather than waiting for the liquidity to deteriorate at the unlocking node,

it's better to place the chips in a position where they can be executed at any time.

This logic is actually quite easy to understand.

It is precisely because of this on-chain action that

my judgment on the current surge is very clear:

this provides positions for shorts, rather than a signal for longs to chase prices.

In terms of short-term operations,

the current approach is to find short positions around the surge,

rather than continuing to bet on a breakout at high levels.

The direction has already been made very clear,

what remains is to wait for the price to bring the position up.