This round of changes in the crypto market is completely different from the last frenzy.

Last time, Ethereum's surge was mainly driven by retail investors creating a nationwide hype. But the current situation is quietly changing—large holders and institutions are redefining the market landscape with concrete actions. While you're still watching candlestick charts for ups and downs, the true flow of capital has already shifted in a new direction.

From on-chain data, this change is traceable. A mysterious whale swept in 46,000 ETH in a single day, bringing its total holdings to 580,000 ETH, even though it has an unrealized loss of nearly $200 million, it remains unmoved. Meanwhile, BitMine-related addresses continue to add to their positions, accumulating over 38,000 ETH; after purchasing 6,569 ETH, asset management firm Fasanara Capital staked a portion worth $13 million—this operational approach indicates not just optimism but a fierce competition for tokens.

What truly changes the game? JP Morgan, which manages $4 trillion in assets, has decided to officially migrate its tokenized money market fund onto the Ethereum network. This is not a small-scale experimental test but a real, large-scale transfer. The implications behind this move are clear:

The most core and conservative cash-like products in traditional finance are now exploring blockchain reconstruction pathways. This means Ethereum is gaining direct endorsement from Wall Street, becoming an important underlying infrastructure for mainstream asset issuance. Meanwhile, real-time 24-hour clearing and fully traceable transaction chains are transforming the outdated operational methods of traditional finance with innovative technological solutions.

The competitive landscape for ETH is no longer simply about "will it go up." The real contest is: who can become the defining choice for the next generation of financial infrastructure? The ecosystem map of the crypto market is being redrawn, and the big tide has already begun to turn.

Stay on the sidelines and watch this capital revolution? Or understand the trend clearly, hold your chips, and follow the new direction? The answer depends on how you interpret this moment.