[Over 400,000 ETH have flowed from exchanges to cold wallets since early October] According to Golden Finance, since early October, other major investors and institutions have been steadily accumulating Ethereum, with over 400,000 ETH flowing from exchanges to cold wallets. Exchange reserves have dropped to their lowest level in three years, indicating that large institutions are maintaining long-term positions rather than engaging in short-term speculative trading. Based on on-chain data, the cumulative institutional holdings of corporate bonds and Ethereum ETFs have now exceeded 12.8 million ETH, accounting for more than 10% of the total supply.