Looking at ETH's recent trend, there's an interesting phenomenon in the market. Japan's rate hike is usually considered bearish, but some large funds continue to accumulate at low levels and remain steadfast despite massive sell-offs.

What is the logic behind this? Instead of falling into conspiracy theories, it's better to consider a more straightforward explanation—these funds have access to different information channels and levels of precision. Their strategy is simple: continuously increase margin positions to ensure they are not liquidated. As long as they control the risk, they can calmly handle the volatility.

From another perspective, the lower the price, the greater the opportunity. Is the market maker trying to shake out positions? That's also laying the groundwork for subsequent actions. Rather than being forced out, it's better to actively position—spot holdings can be gradually built up over time, using time to gain an advantage. In this round of market, those who can stay patient will be the ones to catch the moment of takeoff.