Institutional activities clearly reflect the market's conflicting sentiments. The negative side is that the trend of funds flowing out of Ethereum ETF products continues, exerting ongoing market pressure.

However, positive signals are also prominent. First, mining company BitMine publicly increased its holdings by 33,504 ETH today, worth approximately $112 million, continuing its accumulation pattern. Second, despite the overall ETF fund outflows, a product under the leading asset management firm BlackRock experienced a single-day net inflow of about $23.2 million, indicating strategic differences among major players. This "selective buying" suggests that not all institutions are bearish; some long-term capital is taking the opportunity to position themselves.