#美联储降息 The increase of 138,452 ETH by BitMine last week is worth following. Compared to the weekly average of 54,156 ETH over the previous four weeks, this represents a 156% increase—such an accelerated buying pace usually reflects institutional confidence.

On-chain signals suggest that the movements of large holders often lead market pricing. Combined with the expectation of a Federal Reserve rate cut on December 10, the scalability improvements brought by the Fusaka upgrade, and a sufficient recovery period after the liquidation shock, the fundamentals of ETH are indeed improving. However, these are all known conditions, and most market participants are also digesting them.

The key is to observe the subsequent funding follow-up trends—whether such institutions increasing their holdings can drive broader capital inflows. If the inflow volume to on-chain exchanges remains low and large transfers continue to concentrate in cold wallets, it indicates that buyer confidence is further solidifying. Conversely, caution is needed.

Short-term focus can be placed on tracking ETH's on-chain activity and whale wallet movements, as this data is more valuable for assessing future trends.