While most people are still debating whether the bull run has truly arrived, institutions on Wall Street have already made their moves behind the scenes.

The recent actions of traditional financial giants like Morgan Stanley and Guggenheim are quite interesting—they are no longer just focusing on stocks and government bonds, but are significantly increasing their positions in Ethereum through complex financial instruments. What does this imply? Asset management giants like BlackRock are also fully promoting the Ethereum spot ETF project, which essentially paves the way for traditional funds to enter the market.

There's another detail worth noting: the well-known analyst Tom Lee's recent views are quite representative. He believes that Ethereum is not an ordinary cryptocurrency, but rather the underlying protocol for future financial architecture, and its value may far exceed expectations in the long run.

This wave is completely different from the rhythm of previous bull runs.

What was the bull run like in the past? The whole network was buzzing, social media was exploding, and everyone was talking about coin prices. Now? Institutions are quietly accumulating positions, professional tools are all in play, and the market appears eerily calm on the surface. By the time the general public starts to pay attention, the profit distribution pattern may have already been decided.

Of course, this road will not be smooth sailing. Technical iterations and regulatory communications are all necessary steps that must be taken. But one fact is very clear – when Wall Street votes with real money, the market's story has entered a new chapter.

Sometimes the signals that are easiest to overlook are precisely those that speak louder than words. Have you noticed this undercurrent? Share your observations on the current market trends.