In the past week, I have been tracking the movement of institutional funds. To be honest, I was a bit surprised when I saw the net capital inflow curve.

There is a piece of data circulating in the market—about 70 leading asset management firms have quietly transferred 6.06 million ETH into cold wallets over the past few months. This amount is roughly equivalent to 25 billion USD in RMB. More interestingly, these assets are dispersed across over 1,000 sub-addresses, with an average entry price ranging from $3,800 to $4,200.

The key point is—these funds are locked for three years. This isn’t about short-term trading; it’s clearly a bet on a bigger market trend.

Looking at the current market, Ethereum broke through $3,219 this morning, and holding above the $3,100 support level for the sixth consecutive trading day. From December 30th to now, the increase has reached 9.7%. Technically, the 1-hour, 4-hour, and daily charts are all in a bullish alignment, with the price sitting above the middle band of the Bollinger Bands, and short-term moving averages providing solid support.

On the derivatives side, funding rates remain positive, and in the past day, shorts were liquidated for 59 million USD. The market’s greed is clearly evident.

But here’s a small flag—4-hour RSI has already surged to 73, entering overbought territory. In the short term, there is some downward pressure, so don’t blindly chase the high.