In the past month, the capital market has witnessed a remarkable accumulation battle for Ethereum. The new player BitMine has risen at an astonishing speed, skyrocketing its Ether holdings from zero to 830,000 in just 35 days, surpassing the established Whale SharpLink and becoming the largest institutional holder of Ethereum at present.

This contest not only showcases two radically different investment strategies but also reveals the profound changes happening in the cryptocurrency market. SharpLink represents the wisdom of traditional cryptocurrency investors who prefer a low-profile, long-term holding strategy. In contrast, BitMine adopts a more aggressive Wall Street-style approach, quickly establishing large-scale positions through PIPE financing and structured accumulation financial tools.

BitMine's operations are more dramatic; they choose to announce publicly immediately after each increase in holdings. This high-profile approach not only drives up their own stock price but also creates a positive resonance with the price of Ethereum. They also cleverly leverage the optimistic predictions of well-known analysts, further reinforcing the market's positive sentiment towards Ethereum.

This event reflects an important transformation that the cryptocurrency market is undergoing. The pricing power is gradually shifting from early on-chain veteran players to Wall Street institutions that are more skilled in narrative and operations. This change could have profound implications for the future trend of Ethereum, and it also indicates that the cryptocurrency market is developing towards a more mature and complex direction.

As more traditional financial institutions enter the market, we may see the emergence of new players like BitMine. They will bring new vitality and challenges to the market, but may also introduce more volatility and uncertainty. For investors, closely monitoring the movements of these institutions and understanding how they operate will be key to grasping the pulse of the market.