On-chain data shows that three brand new wallet addresses received a total of 10,600 Ethereum from institutional giant Galaxy Digital within 15 minutes, worth over $51 million. Such large, concentrated transfers are typically interpreted as accumulation behavior by institutions or wealthy individuals.

Against the backdrop of the current high volatility in ETH prices, institutions are still hoarding chips through over-the-counter or bulk trading, which undoubtedly sends a strong bullish signal to the market.

This resonates with a series of recent events, such as Bitmine increasing its holdings and Bitcoin OG swapping for ETH, together painting a picture of continuous inflow of institutional funds into Ethereum.