Ethereum's recent market activity has been getting more and more attention, with many asking whether it can surge to 60,000 USD. Instead of blindly being bullish, it's better to see what the real money behind the market is doing.

The most intuitive signal comes from on-chain data. Reports indicate that the whale Bitmine has quietly accumulated over 3% of the circulating ETH supply, aiming to further increase it to 5%. Even more noteworthy is that the ETH stock on major exchanges has fallen to its lowest level since 2015. What does this mean? The supply side is tightening.

Traditional finance is also accelerating its actions. BlackRock has officially submitted an application for an Ethereum staking ETF, while JPMorgan plans to shift its trillion-dollar fund towards Ethereum. This is not a trivial matter; it signifies a new attitude from systemic funds towards on-chain assets.

From a technical perspective, the focus of Ethereum's development is quietly shifting. The "Glamsterdam" upgrade locked in for 2026 mainly focuses on protocol-level anti-censorship mechanisms (ePBS) and 128-bit provably secure schemes. In other words, Ethereum is transitioning from a pursuit of speed to a pursuit of absolute reliability and security. This is precisely the prerequisite for institutions to dare to deploy large-scale funds on the chain.

When supply tightens and the demand side consists of top global financial institutions with an increasingly solid technological foundation, there may be no reason to hesitate. This round of story may really no longer be a retail frenzy, but rather a systematic migration of global assets onto the blockchain.