I just saw that there is an address on-chain transferring 16 million $MERL directly to Bybit, but I actually think this might not simply be a "sign of a dump", but more like a large holder preparing for the next phase of market structure.
A large concentration of chips entering trading platforms often means that top funds hope to utilize the emotional fluctuations brought by the unlocking period for liquidity capture: the more everyone worries about selling pressure, the easier it is for prices to be wrongly killed, and what large holders prefer is to "take chips, create depth, and reverse to push up" during panic.
Such actions of this scale are, in themselves, a signal of proactive strategy:
not avoiding volatility, but preparing to take advantage of it.
Short-term sentiment will still fluctuate, but pay attention to Bybit's proactive order-eating rhythm. If there is a large order-eating + quick recovery of depth, it might actually be smart money preparing positions for a counterattack.
#MERL #链上分析 #大户