A leading market maker's associated account has just transferred approximately 31,000 Ethereum to institutional custody channels, clearly indicating off-exchange cutting or secondary market making for inventory.

On-chain monitoring shows that about 31,000 ETH (approximately $1.18 billion) has just been injected into Coinbase Prime, belonging to large-scale, low-frequency actions, commonly seen during institutional rebalancing windows; combined with tonight's liquidity and the widening futures basis, the rhythm matches up.

These types of actions of 'preparing ammunition before making trades' reveal the mindset of large funds more than simply chasing positions.

In addition, the Ethereum spot ETF has set a new record for daily net inflows, and the risk appetite has rebounded due to inflation data, suggesting that the 'positive cycle' of the main chain and layer two may continue, so keep an eye on the convergence of spot discounts and the slow rotation of funds from Bitcoin to Ethereum.