4E: Ancient giant whales return, ETH, regulation and institutions work together, Bitcoin and Ethereum sentiment resonates and warms up

According to 4E observations, an "ancient whale that has interacted with the Ethereum Foundation" has significantly flowed funds back on-chain. Since yesterday, its address has purchased 7,318 ETH at an average price of $3,016, amounting to approximately $22.07 million. This address previously sold 12,575 ETH at last August's peak, and its total holdings have now rebounded to 10,529 ETH, indicating that deep participants are repositioning.
On the regulatory front, the U.S. Nasdaq ISE has proposed to significantly raise the options position limit for BlackRock's IBIT from 250,000 to 1 million, reflecting strong expectations for the demand for spot Bitcoin ETF derivatives; the SEC has released a revised 2025 plan, pointing towards clearer crypto regulations, safe harbor provisions, and DLT-specific rules, clearly promoting the better integration of digital assets into traditional market structures.
In terms of market sentiment, BitMine Chairman Tom Lee has softened his previous prediction of "Bitcoin at $250,000 by year-end" to "expected to return above $100,000," but still believes that setting a new high is possible; on the institutional side, Ark Invest has increased its holdings by over $16 million in Coinbase and CoreWeave, with large capital continuing to bet on crypto and AI infrastructure.
4E Commentary: The return of ancient whales, the relaxation of ETF derivatives, the trend towards structured regulation, and continued institutional buying collectively form a mildly bullish signal. The "expectation gap" for Bitcoin has shifted from extreme optimism to rational optimism, while Ethereum is regaining attention from on-chain deep players. The funding and regulatory environment are improving simultaneously, and the market is entering a phase of "policy warmth, stable funds, and rising sentiment" resonating with three factors.