CHILLGUY has shown a strong rebound momentum after the market bottom, with short-term gains approaching double. Interestingly, the actions of the whales have changed — over the past 30 days, these large holders have been quietly accumulating. On-chain data reveals a conflicting signal: retail traders are still selling, but trading volume is not significant. The on-chain activity between whales and retail traders is relatively low, what does this mean? Retail traders on CEX are pushing up the price. In simple terms, behind this rally, the buying power on CEX platforms is playing a leading role, while on-chain whales are quietly accumulating. This mismatch gives market participants plenty of room for imagination.