#以太坊持仓配置 Seeing BitMine's recent moves, I was reminded of the 2017 bull market. Back then, institutional entry was still a novelty; now it has become the norm. Adding 100,000 ETH in a week, bringing holdings close to 4 million—there's a logic behind this number worth analyzing carefully.

Looking back at these years' cycles, every time major institutions hold large positions, it signals something. Remember the crazy bottom-fishing by Grayscale at the end of 2020? Many couldn't understand it at the time, but in hindsight, it was a confirmation of the bottom. Now, with BitMine targeting a "5% goal" and continuously increasing holdings, controlling 3% of the global Ethereum supply, what does this indicate? It shows that big funds' long-term valuation of Ethereum hasn't changed.

But I want to remind everyone—not to be fooled by the numbers. From past failures, we see that the more a project holds, the easier it is to get trapped. The key isn't how much is held, but the strategic logic behind these funds. The regulatory clarity and US legislative progress mentioned by BitMine are real fundamental factors. The staking plan launching in 2026 is another time anchor.

What makes this cycle different is that institutional holdings are no longer just speculation but part of infrastructure development. Ethereum's story has evolved from a simple price cycle to an ecosystem construction cycle. If you're still viewing this with a 2017 mindset, you might be too late to realize what's happening.