In the past hour, a major exchange saw a net outflow of 41.87 million USDT. Who exactly is being targeted by this move?

Here's the direct answer: 80% likely it's ETH taking the hit, while BTC may have dodged a bullet.

First, let's look at the bleak situation for ETH—over the past 12 to 24 hours, long positions have been getting liquidated one after another, and its price performance is clearly lagging behind. Compare it to BTC, SOL, or even platform tokens, and ETH looks like the one failing the test. On-chain data is even more straightforward: several whale addresses are reducing their ETH holdings, and even during rebounds, there's no real momentum—a classic sign of lingering aftereffects from a major sell-off.

At times like this, a large-scale USDT withdrawal from the exchange is best explained by: someone dumped their holdings and then took the money out.

In contrast, BTC is telling a completely different story. Short liquidations far exceed long ones, its structure is much stronger than ETH, and institutions are still buying, withdrawing coins, and adjusting positions. In the market, dumping usually avoids strong assets and instead targets the weaker ones.

Right now, ETH happens to be the weakest among major coins. The flow of funds matches the price trend, so it's pretty clear that the selling pressure is focused on ETH, while BTC is still in the safe zone for now.

Of course, the market can change at any moment, but based on current data, this outflow of over 40 million looks more like a targeted move against ETH.