An overlooked data point: Institutional reserves on the Ethereum chain have increased by 163,000 $ETH over the past 30 days, bringing the total to 7.31 million $ETH, worth approximately $17.1 billion. Note that this is net inflow, not exchange balances. This indicates that big money is steadily accumulating Ethereum. The price hasn’t moved much, but the chips are quietly shifting. The last time we saw a similar combination of 'price consolidation + reserve growth' was three months before the spot ETF approval in 2024. History doesn’t always repeat itself, but it often rhymes.