According to CoinMeta, based on Santiment data, at the beginning of November, there was a surge in activities by large whales (traders with significant trading volumes), with an average daily trading volume of over 630 transactions and each transaction valued at at least $100,000, reaching the highest level since April. Major traders are reorganizing their leverage and adjusting their risk exposures around the $2100 price level. High lending activity indicates that STETH is being used extensively as collateral to borrow ETH and other assets, allowing these whales to release funds while maintaining their pledged positions. The market should pay attention to the performance of ETH / STETH around the $2100 level, as well as the average daily trading volume of over 500 transactions by large whales. If the price remains at this level and recovers to $2200, it will support a rebound in risk appetite. However, if the price falls below $2050 while leverage levels remain high, it will increase the risk of liquidations.