This round of the market, the essence has changed.

The driving force behind Ethereum's rise is no longer retail investors chasing gains and panic selling. Whales and institutional investors are quietly changing the game—despite facing hundreds of millions in unrealized losses, they continue to add positions with composure. They are even willing to borrow funds to keep accumulating mainstream cryptocurrencies like ETH, Bitcoin, BNB, and others.

What does this reflect? A calm and persistent long-term strategy.

Compared to the FOMO and emotion-driven retail investors during the last bull market, the current capital movement appears restrained and orderly. Federal Reserve liquidity policies, continuous net inflows into institutional-grade ETF products, and policy discussions on Bitcoin's strategic reserves—these factors intertwine to create a deep-seated driving force.

While the market is still nervous about daily K-line fluctuations, the truly large funds have already prepared. This is not a "wolf is coming" game, but a quiet shift in asset allocation—tokens like SOL, ETH, Bitcoin, and others are undergoing institutional-level re-pricing.

The question is, are you still watching from the sidelines, or do you understand this new logic?