On October 27, according to 4E Observations, SharpLink Gaming raised $76.5 million through a stock placement on October 17 and used the proceeds to purchase 19,271 ETH at an average price of $3,892, rather than making additional recent purchases. The company currently holds a total of 859,853 ETH, valued at approximately $3.58 billion, with an average cost of $3,609 per ETH, resulting in an unrealized gain of around $480 million. On the other hand, data from Glassnode shows that since mid-October, approximately 62,000 BTC (worth around $7 billion) have flowed out of long-dormant wallets, marking the largest outflow in the second half of the year. This reduction in illiquid supply could weaken Bitcoin’s upward momentum. The report also notes that while whales have continued to accumulate, mid-sized holders have been selling persistently, and momentum buying has weakened. Insufficient spot demand may put downward pressure on prices. In terms of market sentiment, BitMine Chairman Tom Lee stated that ETH remains in a "super cycle," emphasizing Ethereum’s strong fundamentals. He pointed out that stablecoin demand and on-chain transaction volumes have reached new highs, which could serve as catalysts for another rally. Additionally, Michael Saylor hinted in a recent post that MicroStrategy may disclose Bitcoin accumulation data next week. Meanwhile, U.S. Treasury Secretary Janet Yellen noted that overall U.S. inflation has declined since President Trump took office. 4E advises investors to monitor capital flows and on-chain supply-demand dynamics, as they are reshaping market trends. The divergence between ETH’s strengthening fundamentals and BTC’s declining liquidity warrants attention, with a short-term focus on the sustainability of whale holdings and institutional accumulation signals.