Some traditional cryptocurrency institutions have recently made frequent adjustments to their positions, and even the long-term inactive whales have started to reduce their holdings, leading to an increasingly gloomy atmosphere in the ETH market. What is more concerning is that this is not an isolated phenomenon: the on-chain ETH holdings of some institutions have nearly been emptied, spot ETFs are continuously bleeding, and on-chain activity has plummeted... Various signs raise the question of whether the Ethereum ecosystem is facing a deeper turning point. Data shows that renowned crypto venture capital firms like Galaxy Digital, Polychain Capital, B2C2, and Spartan Group have recently transferred tens of thousands of ETH to exchanges. Meanwhile, those long-silent Ethereum whales are quietly 'waking up.' Some addresses have been inactive for years — the longest for nearly ten years — but now they are beginning to make large-scale transfers, sending their held ETH to trading platforms. Some whales even choose to act while at a loss, decisively cashing out.