On December 14th, multiple large transfers occurred on the Ethereum chain, with the largest involving 3,948 ETH, valued at approximately 11.28 million USD. In just two hours, there were three transfers at the ten million dollar level, which is also rare in ETH history, drawing strong market attention. The background of these transfers is intriguing, as a whale claiming to be a Bitcoin OG opened a total long position of 614 million USD at the same time, with the ETH portion reaching 491 million USD, also including long positions in BTC and SOL. This whale transferred 5,152 BTC valued at approximately 477 million USD to a new wallet, indicating a highly bullish attitude towards the market. Establishing a position of this scale usually requires coordinating liquidity in advance to avoid impacting market prices. Institutional interest in ETH is shifting from mere holding to staking yield strategies. Companies like Bitmine Immersion have publicly stated that they will not sell any ETH but will stake all holdings to achieve an annual yield of 4% to 6%. This strategy positions ETH as a productive asset, similar to bonds or real estate, rather than a speculative tool. Fundstrat analyst Tom Lee emphasizes that the annual staking yield of ETH, combined with the potential for price appreciation, makes it an ideal target for institutional allocation. Derivatives market data shows that ETH futures open interest is 39.8 billion USD, down 1.63% in 24 hours, with funding rates exhibiting divergence across different exchanges; some platforms show positive values indicating longs are paying the funding rate, while others show negative values indicating shorts are paying. This mixed state reflects a lack of consensus in the market about ETH's short-term direction. The maximum pain point for options is at 3,200 USD, and the current price is still 2.5% away from that point. 24-hour liquidation data shows that 16.5 million USD was force liquidated, with 58% being short positions, indicating that the price increase has led to short stop-losses, but the liquidation scale is relatively mild and not enough to trigger a chain reaction. If the price breaks through 3,200 USD, it may trigger larger-scale short liquidations, pushing the price further up. The total amount of ETH staked in ETH 2.0 has exceeded 34 million, accounting for 28% of the total supply. This portion of ETH is locked in the beacon chain and cannot circulate directly, effectively reducing market selling pressure. With the Shanghai upgrade allowing withdrawals, staking yields have become more flexible, attracting more holders to participate. In the long term, an increase in the staking rate will support ETH prices from the supply side.