#美联储降息 Ethereum's recent three signals are stacking up, and it's looking interesting.

First, let's look at on-chain activity. A major wallet has been busy over the past 18 days, continuously swapping Bitcoin for Ethereum across chains, accumulating a total of 48,364 ETH, with an average cost basis around $3,011. When large funds go against the trend to reposition, there’s usually a reason—either they see a rebound coming or they are locking in chips to lay the groundwork for the next market move.

Next, on the institutional level. This week, spot ETH ETFs saw a net inflow of $209.1 million, and this momentum hasn't slowed down. Institutional funds are voting with their actions, shifting from waiting to actively entering the market. The pace of this transition is very clear. This isn’t small-scale inflows and outflows; rather, sizable funds are continuously pouring in.

The macro environment is also starting to loosen. The Bank of Japan’s rate hikes are weakening their drag on the crypto market. The liquidity from the previous Fed rate cut cycle is still in play, and the risk of yen arbitrage liquidations isn’t as tense. In other words, the macro clouds that once cast shadows over cryptocurrencies are dispersing.

Whales are quietly accumulating at low levels, and institutions are continuously entering through ETFs. The macro bearish pressure is gradually easing—fundamentally, sentimentally, and in terms of market conditions, all pointing in the same direction. The current state of Ethereum is less about "if it can rise" and more about "how it will rise."

⚠️ Reminder: The crypto market is highly volatile. This article is for market observation and sharing purposes only and does not constitute investment advice. Always do your own research before making any moves.