Is $ETH still worth holding? The answer has long been out of retail investors' hands. While you're still debating whether to buy or not, whales and Wall Street have already quietly changed the game.

**What are the whales doing? Constantly buying**

A mysterious large holder has recently been aggressively increasing their position, sweeping up 46,000 ETH in a single day, bringing their total holdings to 580,000 ETH. You're not seeing things—despite a nearly $200 million unrealized loss, their hands remain steady as a rock. Meanwhile, the BitMine related addresses are also continuously accumulating, with over 38,000 ETH acquired in total. There's also the asset management firm Fasanora, which bought 6,569 ETH and then staked 13 million USDC to earn interest. What does this sequence of actions indicate? They've already planned their next move.

**The turning point has arrived: JPMorgan officially on-chain**

A real major event has occurred—JPMorgan, a $4 trillion asset management giant, has migrated its tokenized money market fund onto Ethereum. This isn't a test project; it's officially operational. This means three things are happening simultaneously:

The most core cash products on Wall Street are beginning to reconstruct their operational logic using blockchain; Ethereum is no longer just an experimental platform but an asset layer backed by top traditional finance institutions; real-time 24-hour clearing, transparent and low-cost settlement methods are disrupting decades-old financial frameworks.

**The landscape has already changed**

Retail investors are still asking, "Will this round go up?" Institutions are already answering, "Who will control the next generation of financial infrastructure?" Their rhythm is very unified: buying, staking, earning, and reinvesting. This cycle is no longer a tech geek's celebration but a vote from real institutions with real money. The focus of the issue has shifted—short-term fluctuations are no longer important to them.