$ETH The price plummeted from $4,000 last year to $1,500. While seemingly a plunge, it was actually a silent reshuffle. Retail investors panicked and sold their holdings, while chips quietly flowed to large funds.

Wall Street's old tricks are repeating themselves in the crypto market: SBET invested $425 million to buy 170,000 ETH, and BMNR invested $250 million in staking, reminiscent of Tesla's Bitcoin hoarding, but on a much larger scale. These institutions are hoarding ETH as "digital treasury bonds," valuing its stable returns and long-term scarcity.

Behind them stand Ethereum veterans and top-tier capital: Pantera and Peter Thiel not only hold onto their holdings but are also deeply involved in building the ecosystem, exerting influence both on and off the blockchain.

The story of ETH is also evolving: from technological innovations in DeFi and NFTs to the concept of a "staking-earning digital asset," the new narrative is more appealing to institutions. On-chain fundamentals are stronger. EIP-1559 continues to burn tokens, leading to deflation. Staking rates exceeding 25% are reducing circulation, and the implementation of EIP-4844 capacity expansion strengthens the foundation for ecosystem expansion.

ETH is shifting from a "retail investor frenzy" to an "institutional conspiracy." Concentrated stakes, stable returns, and reduced supply—this triple logic provides strong support for a medium- to long-term bullish outlook. If you're constantly panicking during volatility, you might be failing to understand this "big money game."

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