#聪明钱与加密富豪交易行为 Seeing the news that BitMine has bought $199 million worth of ETH against the trend, I am reminded of the old saying - the market is often most honest when people's hearts are most restless.

Interestingly, on-chain data shows that "smart money" has been taking the opposite approach during the same period, adding $2.8 million in short positions betting on ETH's decline. There is a detail behind this game worth pondering: who is really betting on the future, and who is gambling on short-term fluctuations.

I have experienced too many days of being influenced by "smart money." At that time, I followed the crowd to short and go long, watching the K-line chart spin out of control like a slot machine. Looking back now, the truly wealthy capitalists and everyday traders are not playing the same game at all. One is building positions, while the other is cutting losses. One is thinking about a 2-3 year cycle, while the other is focused on the 4-hour chart.

In the context of ETF funds continuously flowing out $1.4 billion, some are still firmly buying, which can either be seen as madness or as truly seeing something clearly. The increase in short positions from the "smart money" somewhat indicates that short-term sentiment is indeed reversing. But don't be misled by this term—those who are truly the smartest are always those who have enough ammunition, enough patience, and can withstand volatility.

The key is not to let short-term price fluctuations cloud your judgment. Manage risks well, avoid excessive leverage, and do not chase highs or sell at lows; this is a hundred times more important than guessing the next direction.