The market has been relatively calm in recent days, but the "noise" from geopolitical tensions has indeed increased. Trade frictions have heightened risk aversion, causing Bitcoin to fluctuate around the $91,000 level. But what are the truly wealthy people up to?

**Wall Street's "Clear Signal" to Buy the Dip**

In the past week, major American investment banks like Morgan Stanley have suddenly accelerated their efforts, simultaneously applying for spot ETFs for BTC, ETH, and Solana. Honestly, this signal is quite aggressive. Even more astonishing is that the total trading volume of US spot crypto ETFs has just surpassed $2 trillion—doubling from $1 trillion in just 8 months. In other words, institutional capital is entering at an exponential rate.

**Whale's $800 Million Bet**

While retail investors are still debating short-term corrections, the famous whale (0xb317) is still holding a position worth $800 million. It is heavily weighted in Ethereum with $640 million, with an average entry price of $3,147. Now, it’s just waiting for Ethereum to catch up. Interestingly, this whale has experienced floating losses of over ten million dollars but has never sold a single coin. Behind this steadfastness, the focus is on the large-scale market movement expected in Q1 2026.

**The Truth About the Macro Landscape**

Although short-term trade risks have indeed suppressed sentiment, looking at the bigger picture, 2026 marks the dawn of the institutionalized era. Just wait and see.