4E: The crypto whale is heating up synchronously with the trend of the institution, and the multi-necklace and capital flow data are now differentiated signals

On November 25th, according to 4E observation, the giant whale "Maji big brother" on the chain once again increased its position. After adding 1 million USDC, it opened a long position of about 13.35 million US dollars ETH at 2883 US dollars, and added 830,000 US dollars HYPE. The current ETH position is about 280,000 US dollars, and the liquidation price is 2716 US dollars, showing a clear short-term bullish tendency.
On the institutional side, global listed companies bought a net $13.40 million of BTC last week, but both Strategy and Metaplanet stayed on the sidelines. It is worth noting that Strategy's STRC preference shares rebounded after the previous correction and are currently only 2.5% lower than the $100 anchor price, indicating that market confidence has partially recovered.
Mining giant Bitmine continued to attract funds at high intensity, buying another 69,822 ETH last week, bringing the total holdings to 3.63 million, accounting for 3% of the total ETH. Its comprehensive cost is $3,988, and the current book floating loss is about $280 million (-29.6%), reflecting that mining companies still have firm beliefs in the valuation of medium and long-term ETH.
On the chain fund allocation side, Ondo Finance announced to invest 25 million US dollars in the YLDS stablecoin issued by Figure's FCC to enhance the income strategy of the flagship tokenized US bond fund OUSG. At present, the scale of OUSG hedging exceeds 780 million US dollars, and the allocation behind it covers traditional giants such as BlackRock and Fidelity.
4E comments: Giant whales and mining companies continue to increase their positions, but the institutional side is cautious, and the market presents a differentiation pattern of "on-chain risk-taking and second-level stability". USDC inflows and ETH heavy positions release too many signals, while the slowdown in institutional buying suggests that the overall risk appetite has not fully recovered, and the short-term trend may maintain range fluctuations.