Ethereum has just seen major catalysts on both sides: a large treasury firm made its biggest-ever ETH purchase, while crypto funds overall experienced record outflows driven by bearish sentiment and macro pressures.

**Positive catalyst:**
BitMine Immersion Technologies, a leading Ethereum treasury, added 40,302 ETH last week (worth about $116 million), raising its holdings to over 4.2 million ETH—more than 3.5% of the circulating supply. This level of institutional accumulation signals growing confidence, even as BitMine's own stock is down recently. Additionally, there's rising on-chain activity and talk of renewed focus on self-sovereignty and wallet innovation from Vitalik Buterin, showing that Ethereum’s developer and community fundamentals remain strong.

**Negative catalyst:**
Last week, crypto investment products, including ETH-focused exchange-traded funds, saw $1.73 billion in outflows—the biggest weekly withdrawal since November 2025. Nearly all of this originated from U.S. products, reflecting a broader capital rotation out of digital assets due to weaker price momentum, declining hopes for interest rate cuts, and persistent macroeconomic uncertainty. Markets are also bracing for the Federal Reserve's decision; most analysts expect rates to hold steady, but Powell’s comments on the labor market could still shake things up.

**Bottom line:**
Institutional accumulation and network upgrades are bullish signals for Ethereum, but right now, global capital outflows and macro headwinds are weighing heavily. Be aware: short-term volatility remains high, and macro narratives can suddenly shift. If you’re considering ETH exposure, keep an eye on both institutional flows and central bank policy—these are setting the tone for coming weeks.

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