Recently, I looked at MERL @MerlinLayer2 and felt that its rhythm is quite different from other coins. I checked the data out of curiosity and realized that they have been quietly making moves? I estimate that most people have overlooked Merlin during this time! First, let's look at the chips: In the past 6 days, two major players withdrew over 98 million $MERL from exchanges (accounting for 10% of circulation). The key point is that this happened after the coin price rose 77% in 7 days, which is not a short-term bottom fishing, but more like a plan to hold for the long term. With fewer coins available for trading in the market, the subsequent price fluctuations will be smaller, and when new moves happen, the elasticity will actually be greater. Next, let's look at institutional cooperation: Nasdaq's CIMG and Merlin have set up a $55 million Bitcoin treasury, with the first batch of 500 BTC already on-chain earning interest. This is not just a simple brand collaboration; it paves the way for compliance in BTCfi, and the treasury's returns may potentially benefit the ecosystem in the future, even leading to buybacks, which is solid support. There are also movements in South Korea: Merlin recently attended events like KBW, and the developer and user circles in South Korea are heating up. Those familiar know that once the local market gains momentum, the explosive potential is usually considerable, especially since MERL has not yet been listed on Upbit, leaving room for future growth. Finally, let's supplement the data: Currently, there are 232 million $MERL staked, worth $71.5 million, accounting for 23.7% of circulation, while only over 91 million remain on exchanges. This indicates that many people are willing to lock up their coins and have more faith in its layout in BTCFi—such as M-BTC multi-chain and AI product Wizard, which are gradually being implemented. Many friends already know about Merlin. I'm not saying how great it is; I just wanted to casually share these tangible changes with everyone. Investment requires personal reflection. But projects like MERL, with stable chips, institutional involvement, community expansion, and ecosystem implementation, are actually worth paying more attention to as they are likely underestimated.