Another interesting move has been spotted. A well-known investment firm's research institution has been continuously increasing its holdings over the past two days, just this afternoon acquiring another 20,850 ETH, worth $63.28 million. They also withdrew another $40 million USDT from a lending protocol and transferred it to a leading exchange.

This combination of moves is quite clear—they are using leverage to repeatedly buy the dip. Currently, this institution has accumulated a total of 601,076 ETH through leveraged borrowing, with a total value of $1.82 billion. Their average cost basis is certainly not low, but their continued accumulation indicates they still have strong confidence in the market's future.

Interestingly, once large holders start using leverage for borrowing, it’s hard to stop, and their subsequent actions are worth watching closely.