@nova28
Ethereum's on-chain data comprehensively reflects the multi-dimensional inflow of institutional funds: from ETF holdings growth, exchange withdrawals to DeFi configuration, and then to the integration of listed companies' balance sheets. Despite the short-term weakness in network activity, institutional-led capital flows are providing structural support for ETH prices and promoting its penetration into a wider range of financial infrastructure. In the future, we need to pay attention to the SEC's approval results for pledged ETFs and the progress of privacy technologies (such as zero-knowledge proofs). These factors may further expand the scale of institutional participation.