Last night, an interesting scene unfolded on the blockchain. An anonymous address transferred 10,400 ETH to another address, which at the time was worth approximately $5.77 million. The recipient did not hold the ETH directly but sent 1,766 ETH to Kraken.

This kind of operation is actually quite common—first transferring through an anonymous address, then moving to an exchange. How does the market interpret this? Usually, it's seen as a yellow light signal. It could be large holders adjusting their positions or preparing to sell. But the key point is that a single abnormal transaction doesn't reveal much on its own.

What truly matters to watch is the subsequent trend. Will more ETH continue flowing into exchanges? Can the price hold at key support levels? Only by observing these continuous signals can you determine whether selling pressure is genuinely coming or if it's just noise.

In short: don’t be scared by a single large transfer. Pay more attention to the net inflow changes on exchanges—that's the real temperature of the market.