The Ethereum market is showing a remarkable development trend. The latest on-chain data shows that the exchange's Ethereum balance has dropped to 15.35 million coins, hitting a new low since 2016. This phenomenon is quite similar to the situation in 2017 when Ethereum soared from 8 dollars to 870 dollars, with the main driving force of this round of market activity seemingly shifting to Wall Street institutional investors.

Institutional investors are making a significant entry. It is reported that an institution named BitMine invested $2.9 billion last month to purchase Ethereum, which is only 0.6% of its 5% market share acquisition plan. Meanwhile, other major institutions are also actively increasing their holdings, creating a strong market driving force. It is worth noting that currently, 29.6% of Ethereum has entered a staked lock-up state, further restricting market circulation.

In this supply and demand pattern, Ethereum's short-term target may point to the December 2024 high of $4,107; in the medium term, it is expected to challenge the historical high of $4,868 set in November 2021. The optimization of market structure, along with the continuous influx of institutional funds, seems to be creating a favorable environment for a breakthrough rise in Ethereum.

However, investors still need to be cautious. The cryptocurrency market has always been highly volatile. Although the current situation looks promising, market risks still exist. When making investment decisions, it is essential to conduct thorough research and risk assessment.