Lookonchain @lookonchain This monitoring platform is quite useful. When I was browsing Twitter, I saw information about $MERL, which reminded me that I have a lot of wallets on the Merlin chain with funds in them. According to Lookonchain's monitoring, in the past week, two wallets quietly withdrew 98.24 million $MERL from exchanges, which is about one-tenth of the circulating supply. Everyone understands that large holders withdrawing coins to wallets means they won't sell in the short term. What's more interesting is that this happened after the price increased by 70% over the past seven days. Instead of dumping after the price rise, they continued to accumulate at high levels. With chips being pulled out, the market is getting tighter. As long as more funds come in, the price elasticity will be amplified, setting the stage for something to happen. Recently, the Merlin chain has also made new moves on the fundamentals. The Nasdaq-listed company CIMG Inc. has set up a $55 million Bitcoin treasury, with the first batch of 500 BTC already placed on Merlin's HODL+ for yield generation. This is different from ordinary brand collaborations; it involves real money entering the market. If the treasury generates profits, it could flow back into the ecosystem, essentially laying the groundwork for a potential buyback of $MERL. As of now, the on-chain staking of $MERL has reached 232 million (71.5 million USD, accounting for 23.7% of the circulating supply), with only 91.84 million $MERL (28.3 million USD) remaining on centralized exchanges (CEX). So the current situation is quite interesting: on one side, whales are continuously accumulating and staking, while on the other side, institutional treasury funds are starting to enter. At the same time, Merlin's own layout in the BTCFi ecosystem—like M-BTC multi-chain and AI product Wizard—is also gradually being implemented. Compared to this, it feels like the market pricing of $MERL hasn't fully accounted for these developments. Lookonchain's on-chain monitoring tweet: