Institutional interest in Ethereum is surging as $230 million worth of ETH was moved off centralized exchanges by two major players in the last 24 hours.
Large withdrawals like these are often seen as bullish indicators, suggesting that institutions are opting to hold or stake ETH rather than trade.
Ethereum has seen a 7% increase in value over the past week, currently trading at $2,591, with network fundamentals improving as validators raised the gas limit to 45 million, enhancing network capacity.
Institutional adoption of ETH is gaining momentum, with companies like Bitmine announcing a $250 million private raise to build an Ethereum treasury, indicating a growing interest in accumulating and utilizing ETH.