In the recent flow of funds in Ethereum, BMNR is seen as the most steadfast "long-term buyer." Its purchasing path mainly relies on two major channels: Galaxy Digital and FalconX. The former is known for providing liquidity and market-making, while the latter is more inclined towards brokerage and aggregated trading platforms. This constructs a complete chain: BMNR completes purchases OTC, while institutions withdraw large amounts of ETH from exchanges to balance risk positions.
This pattern is directly reflected in Coinbase's data. Unlike the daily small inflows or outflows, the recent net outflow curve has repeatedly shown "extreme magnification" phenomena: large withdrawals in a single day stretch the overall trend, almost completely masking ordinary fluctuations.
(Figure 1)
What is more concerning is that this characteristic has become increasingly frequent since May of this year. Especially after the ETH price entered a correction phase on August 13, signs of capital outflow did not appear; instead, there was a sustained increase in withdrawal enthusiasm. Statistics show that as of August 18, Coinbase's net outflow of ETH in the past 30 days has accumulated to 850,000, while Binance's net outflow during the same period also reached 170,000.
(Figure 2)
Based on these signs, it can be reasonably inferred that these concentrated outflows, especially those from Coinbase, are highly likely related to the buying activities of U.S. institutions. Galaxy Digital and FalconX are merely the surface paths, and there may be more U.S. buyers laying out their strategies behind the scenes. This not only confirms the strong demand for ETH in the market but also further illustrates that Ethereum is becoming an important target in the global allocation of institutional funds.#ETH
