Recent news about Ethereum mainly focuses on institutional "withdrawals" and large position changes, with the overall market sentiment being cautious. The most significant development is that Hong Kong-based institution Apeiron Capital Limited fully liquidated its holdings in the iShares Ethereum Trust ETF (ETHA) in Q4 2025, cashing out approximately $8.99 million, which directly reduced its Ethereum ETF position from 4.3% to zero. This occurred against the backdrop of a sharp correction in ETH prices and a year-long decline of over 30% in ETHA. While this cannot be seen as a sign of disappointment in Ethereum's future, it reflects that many funds are currently choosing to reduce single-risk exposure in exchange for higher liquidity and hedging options. Meanwhile, the market is also paying attention to the actions of large holders (commonly known as "whales"): Bitmine still holds over 4,243,000 ETH, with an average cost basis of $3,849. However, ETH's latest price has fallen to a new low of $2,222, causing the institution's unrealized loss to temporarily expand to $6.9 billion. Despite this, BitMine continues to add to its holdings, purchasing an additional 41,788 ETH in the past week, bringing its total holdings to 4,285,000 ETH (worth approximately $9.9 billion). This move indicates that some funds remain optimistic about Ethereum's long-term value and are increasing staking positions, entering a "bottom-up" deployment. Industry experts remain bullish on the future of the bull market—Yili Hua believes ETH has the potential to surge above $10,000. Currently, the market is just undergoing a cyclical risk adjustment, with the bull case unchanged; short-term volatility does not affect the medium- and long-term trend. For investors, this correction might be a "spot buying opportunity," but market fluctuations are intense, with both capital exiting and bottom-fishing happening simultaneously. $ETH