Recently, there was a very interesting on-chain operation worth discussing.

A top active address on the blockchain invested 12.5 million USDT into a protocol, then executed two key steps. First, they directly used part of the funds to buy over 10,000 HYPE tokens (costing approximately $270,000), and then immediately staked them into a staking contract. This approach clearly isn't aimed at quick profits from short-term fluctuations, but reflects genuine confidence in the ecosystem's prospects, with a mid- to long-term intention to lock in assets and earn yields.

Even more noteworthy is that this address has accumulated 3,500 ETH long positions within the price range of $3190 to $3215, totaling over $11 million. This kind of operation speaks volumes on its own.

From a perspective of large capital, daring to participate in meme coin staking with tens of millions at this moment indicates a strong confidence in the subsequent market trend and the protocol's long-term development. Additionally, stacking such leveraged long positions at this ETH price level reveals a firm belief that this support zone will hold—his judgment is that the downside is limited and a rebound is imminent.

Combining on-chain data, market panic sentiment has largely been digested. The smart money is quietly building positions now. When you see such large-margin longs being set up, it usually means big funds are preparing "ammunition" for the upcoming upward trend.

For spot holders, avoid over-trading at the bottom to prevent missing the rally. Whether ETH can hold this support zone and break upward will be the key focus next. If you're unsure, consider entering gradually rather than chasing after gains once the price has already risen.