Institutional-level activities clearly reflect the contradictory mindset of the market. The negative side is that the trend of funds flowing out of Ethereum ETF products continues, which constitutes sustained market pressure.

However, positive signals are also prominent. First, the mining company BitMine has publicly increased its holdings of 33,504 ETH today, valued at about 112 million USD, continuing its accumulation pattern. Second, although there is an overall outflow of ETF funds, the leading asset management company BlackRock's products saw a net inflow of about 23.2 million USD in a single day, indicating strategic differences among giants. This "selective buying" suggests that not all institutions are bearish, and some long-term capital is taking the opportunity to position itself.