The Ethereum market is undergoing a remarkable transformation. On-chain data reveals that the exchange's Ethereum balance has fallen to 15.35 million coins, marking a new low since 2016, indicating that the number of ETH held by retail investors is sharply decreasing. This phenomenon is quite similar to the scenario in 2017 when ETH skyrocketed from $8 to $870, with the difference being that today, the dominant force has shifted to Wall Street institutions.

Institutional investors are making a significant entrance into the market. It is reported that BitMine invested $2.9 billion last month to purchase ETH, which is just the beginning of its market share acquisition plan. At the same time, other leading institutions are also actively increasing their holdings, creating strong buying pressure. It is worth noting that nearly 30% of ETH has been locked in staking contracts, further restricting the circulating supply.

This phenomenon of chip concentration may indicate the potential for an upward price movement of ETH. Market analysts believe that the short-term target for ETH is likely to break through $4107, which is the peak in December 2024. The mid-term target may challenge the historical high price of $4868.

However, investors need to view this trend with caution. Although institutional funding entering the market may drive prices up, the high volatility of the cryptocurrency market still exists. In addition, changes in the regulatory environment and macroeconomic factors may also affect the trend of Ethereum.

Overall, the Ethereum market is at a critical moment. The combined effects of increased participation from institutional investors, reduced supply, and technological developments may bring new opportunities for ETH. However, investors should also remain rational and manage risks effectively.