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Despite price consolidation, on-chain data reveals strong fundamental support and institutional accumulation behavior: Massive institutional buying: Global asset management giant BlackRock has accumulated a total of 46,851 ETH over three consecutive days, worth approximately $149 million.
Continuous staking and locking: Whales continue to transfer funds into staking. For example, a whale converted $31.7 million into over 40,000 stETH (approximately $126 million) via Wintermute and locked it. Meanwhile, mining company BitMine also added 19,200 ETH to staking.
Supply tightening: ETH continues to net outflow from exchanges, with recent single-day net outflows exceeding $52.3 million. The long-term trend weakens immediate selling pressure. At the same time, the total value locked (TVL) in the Ethereum network has surpassed $206 billion for the first time, reaching a record high, demonstrating the ecosystem's capital attractiveness and actual usage intensity.