Another institution is buying ETH.

BitMine is suspected of adding another 40k ETH, worth approximately $71.62 million.

When many people see such news, they only focus on:

Has ETH risen again?

But what I'm more concerned about is something else.

Over the past few years,

when institutions allocated digital assets, there was almost only one answer:

BTC.

Now,

more and more institutions are actively starting to allocate ETH.

What does this mean?

It shows that in the eyes of some institutions, ETH

is no longer just a cryptocurrency.

but is starting to take on the attributes of a strategic reserve asset.

Of course,

a one-time purchase of 40k ETH

cannot determine market conditions.

What's truly worth noting is:

whether this buying is becoming a trend.

If more and more listed companies, funds, and asset management institutions start continuously accumulating ETH,

then the market pricing logic will change.

In the short term, price is determined by sentiment.

In the long term, it is determined by the flow of tokens.

When more and more long-term capital puts ETH onto their balance sheets,

the circulating supply on the market will naturally become smaller.

Many people stare at the candlesticks every day.

But what truly affects the price in the coming years

are often these seemingly inconspicuous on-chain accumulation messages.