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Institutional funds are not waiting for a breakout.
Metaalpha has just transferred $18.6 million worth of ETH from Kraken to cold storage. When major players move large amounts of funds like this, they generally do not consider selling — this is a sign of preparing for long-term holding.
The supply-side impact is imminent. A large amount of ETH flowing into cold storage means the market circulation is shrinking, which will increasingly put pressure on the price.