The rules of the market are being rewritten. The main players in this round of the market have shifted from retail investors to Wall Street institutional capital.

**Whales are quietly accumulating**

Data shows that a mysterious address has been continuously buying up 46,000 ETH in a short period, now holding nearly 580,000 tokens. Even with an unrealized loss of nearly $200 million, these large holders remain unmoved and continue to add to their positions. The BitMine related address has also been active, consistently purchasing over 38,000 ETH. Interestingly, the asset management firm Fasanara Capital has developed a clear operational process—buy, stake immediately, borrow, and then increase the position. This is not just strategic planning; it’s a race for tokens.

**The real turning point has arrived**

JPMorgan Chase, managing $4 trillion in assets, has officially migrated its tokenized money market fund to the Ethereum network. What does this move signify?

First, Wall Street’s core cash products are beginning to be reconstructed using blockchain technology. Second, Ethereum has received the ultimate endorsement from traditional finance systems and is recognized as the next-generation asset issuance layer. Furthermore, features like 24-hour real-time clearing and fully on-chain traceability are disrupting traditional financial operations.

**The landscape has already changed**

Retail investors are still studying how high K-line charts can go, but institutions have already reached a consensus: buy, stake, earn interest, and continue to increase positions. The battlefield for ETH is no longer about "whether it will rise," but about "who will define the next generation of financial infrastructure"—a much larger narrative.