Recently, both the crypto circle and traditional financial sector have been signaling that large-scale funds are quietly positioning in crypto assets.

From an institutional perspective, BlackRock yesterday injected another 1,134 BTC (average price $89,391) and 7,255 ETH (average price $3,046) into a major exchange. This pace is no longer exploratory buying. Meanwhile, global financial giants including Fidelity are collectively optimistic about the long-term development of crypto assets in their 2026 outlook, believing that stablecoins could challenge the dominance of emerging market currencies—an opinion rarely expressed so openly in traditional finance.

The actions of whales are even more interesting. On-chain monitoring shows that a whale address 0x46DB has been aggressively accumulating over the past month, buying a total of 51,374 ETH since December 3rd, at an average cost of $3,110. In the last 30 minutes, it added another 5,104 ETH (average price $3,130). At the same time, another whale is increasing its ETH short position tenfold, with holdings reaching 21,820.69 ETH, entry average at $3,016, with a liquidation price set at $3,496.31—indicating that large investors have differing views on the market, with bulls and bears in a tug-of-war.

The macro environment is also quite nuanced. The risk of a US government shutdown has decreased from 40%-48% last month to 29%, and economic growth faces pressure—St. Louis Fed's GDP model forecasts a Q4 2025 growth rate of only 1.12%, indicating that while the economy is showing slight improvement, it remains relatively soft overall. Against this backdrop, regulation is gradually becoming clearer, and the mainstreaming trend of crypto assets is accelerating. No wonder institutions are starting to take serious positions.