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Institutional holdings indicator emerges. According to on-chain tracking data, BlackRock-related addresses withdrew 6,647 BTC and 4,179 ETH from a compliant platform in the past 8 hours, with a total of 9,346 BTC withdrawn over two days. Such large withdrawals usually indicate an intention for increased institutional custody, sending a clear market signal. Meanwhile, the stablecoin ecosystem is also accelerating its expansion—active addresses have surpassed 200 million, hitting a new all-time high. This suggests that on-chain liquidity conditions are continuously improving, and user interaction frequency is also rising. The developments regarding Ethereum spot ETFs are also worth paying attention to. Overall, the deepening institutional deployment and ecosystem prosperity are mutually reinforcing.