Ethereum is at a critical turning point. On one side, institutions like Bitmine continue to buy up, with the total staked ETH surpassing 544,000 and plans to issue an additional 50 billion shares for mergers and acquisitions. On the other side, large holders who have held for 4 years have quietly converted 14,000 ETH into Bitcoin to secure profits.

What does this reflect? Major players are adjusting their positions, institutions are deploying, and market sentiment is being re-priced. During such a game-changing window, capital often seeks out new narratives with strong consensus and growth potential. Whether it's mainstream coins or high-profile tokens, the key is to grasp the rhythm of market shifts.

To gain an edge in the next market cycle, participants need sharper observation skills.