What are all the smart money on the chain doing now? After tracking on the chain, summarize the six things Smart Money is doing: 1. Continuously increase holdings and lock in ETH What Smart Money is doing: Systematically buying ETH and not leaving it on the exchange to be sold at any time, but instead transferring it to staking or re staking agreements for lock up in order to obtain long-term returns. What does the data say In the past five months, whale addresses holding 1000 to 100000 ETH have seen a net increase of approximately 14% in their total holdings. Basically, Smart Money has strong confidence in Ethereum's long-term fundamentals. 2. Layout L2 and Re staking Smart Money will heavily invest incremental funds into higher-level staking scenarios such as Ethereum's Layer 2 network (L2) and Restaking. The total locked value (TVS) of Ethereum L2 increased by about 51% year-on-year, reaching approximately $43.6 billion on September 5th. This batch of smart money is mainly betting on the long-term growth of the entire Ethereum ecosystem. 3. Participate in Perp DEx A large amount of smart money on the decentralized perpetual contract exchange (Perp DEX) not only makes directional bets, but also acts as market makers to provide liquidity to earn fees, or engage in complex operations such as hedging and fund rate arbitrage. In the past 30 days, the total transaction volume of Perp DEX has reached $616 billion, of which the leading Hyperliquid's on chain transaction volume in 30 days is close to $395 billion. 4. Reserve stablecoins Another strategy of smart money is to continuously expand its holdings of stablecoins. At present, the total supply of stablecoins has reached a new level of $280 billion and maintained monthly net growth. Smart Money has ample dry powder and is always ready to quickly enter the market when opportunities arise, whether it's buying at the bottom of a decline or chasing after a breakthrough. 5. Expected transaction interest rate Some niche old smart money traders use professional yield derivative agreements such as Pendle to trade future interest rates. For example, betting on the expectation of a Federal Reserve rate cut, or profiting from trading yields of different maturities. This led Pendle to break its Total Locked Value (TVL) record in August, exceeding $8.2 billion, and daily spot trading volume remained stable at $50-70 million. 6. Trade BTC within a clear range In the short term, most smart money does not believe that Bitcoin will immediately usher in a unilateral bull market, but rather sees it as an asset that oscillates within a range and engages in wave operations of high selling and low buying.