Aside from Tom Lee, some institutions have also started buying ETH. For example, Fidelity purchased approximately $28.6 million worth of ETH this week (data as of June 10), marking the highest weekly purchase volume in the past two months (since late April). How should we interpret these moves by institutions? This is primarily passive buying driven by the ETF mechanism, not Fidelity's own investment: Fidelity has a spot Ethereum ETF (FETH). When its investors subscribe to FETH shares through traditional brokers/platforms (causing inflows), the issuer must purchase underlying ETH to back these shares. In other words, the increase in ETF client inflows at Fidelity this week led to these on-chain purchase activities. Looking at the deeper reasons, this is also part of some institutional clients' accumulation at lower levels: ETH's recent price has been relatively weak/pulled back, and institutional clients are gradually increasing their positions amidst uncertainty. This also indicates that some institutional clients have a long-term interest in allocating to ETH: As a representative of smart contract platforms, DeFi, L2 ecosystems, and staking yields, ETH remains one of the two core assets in crypto investments, even when prices are underperforming. Many institutions view it as a core holding. In summary, the reason institutions have been buying ETH recently is that their ETF products are responding to client demand, while also recognizing the long-term investment value at current low price levels.