Since yesterday, this round of the bull market has started to resemble the classic bull markets of the past. After Bitcoin surged to 123,000 and retraced to stabilize at 116,000, Ethereum quickly rebounded, leading to a wave of increase, with the ETH/BTC exchange rate rebounding by 7%. The market is filled with news of large whales reducing positions and institutions stepping in.

Data shows that multiple whale wallets are making large transfer arbitrage exits, and special funds from institutions such as BlackRock (2 million coins), Abraxas, and Sharplink (280,000 coins) are participating as institutions, indicating a change in the market's capital structure.

If this trend remains stable and Bitcoin continues to rebound, Ethereum may surge towards the densely packed area of 3,200-3,500.