The latest on-chain data shows that World Liberty Financial (WLFI), supported by Trump, recently exchanged approximately 93.7 Wrapped Bitcoin (WBTC)—worth over 8 million USD—directly for 2,868 ETH, with an average transaction price of about $2,813. This operation is not a legend; it is a verifiable on-chain transfer record.

At first glance, this seems like a 'portfolio swap', but the truly intriguing aspect is:

👉 This transaction is not a liquidation of WLFI assets.

👉 Instead, it resembles a kind of asset rebalancing + a long-term bullish behavior towards Ethereum.

Let's start with a big premise:

Ethereum has been under considerable pressure during this period—falling below the $3,000 level, with trading volume showing no improvement and volatility continuing to expand. Many classify ETH as a 'weak asset'. However, against this backdrop, WLFI's action here is somewhat 'off-script'.

The three logics behind this transaction

1️⃣ The shift from BTC to ETH is not a panic sell.

WLFI's WBTC is only part of a small position, essentially converting a small stake into a larger ETH holding. This is more like adjusting risk exposure rather than fleeing the market.

2️⃣ Overall bearish risks for ETH attract large holders to absorb at lower levels.

On-chain data also shows that ETH whales are accelerating accumulation in the $2.6K–$3K range, not only WLFI, but other whales are also actively buying at this price level. This indicates that there is a type of capital in the market treating short-term selling pressure as a long-term accumulation opportunity.

3️⃣ This could be an 'institutional re-evaluation of ETH's value'.

We have already seen BTC spot ETFs and a large influx of institutional funds back into Bitcoin; WLFI's operation this time represents another style—viewing ETH not just as DeFi fuel, but as a core asset to hold long-term.

🔍 What can we see from this matter?

Unlike some who interpret this as 'WLFI selling BTC', I tend to see it this way:

This is a more subtle signal:

In an uncertain market, those with money are not rushing out to avoid risk, but are reallocating their chips.

Moreover, there is a deeper background: WLFI has repeatedly increased its ETH positions during market downturns and holds ETH—this is not a one-time action, but a rhythmic and strategic accumulation (you can see this historical action on-chain).

In other words:

Large funds do not 'leave at the top', but rather exit the layout in advance after recognizing a structural trend.

This differs from our traditional thinking that 'bear markets mean panic selling'; it is more like:

"Bear markets are a window for screening quality chips and readjusting asset allocation."

In summary: Compared to simple emotional selling, WLFI's action this time resembles a 'strategic reallocation' from an institutional perspective, indicating that they have not given up on Ethereum's long-term value but rather chose to continue accumulating at the low point.#以太坊巨鲸异动 #加密市场观察

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