According to the monitoring of on-chain analyst Yu Jin, since July 10, multiple newly-created wallets have hoarded a large amount of ETH through channels such as Kraken, FalconX, Galaxy Digital, and Binance. The 9 wallets that he personally followed alone have hoarded up to 614,000 ETH in the past half month, with a value of more than 2.1 billion US dollars, and the hoarding of some addresses is still continuing. These whales/institutions, together with ETH spot ETFs, known ETH reserve companies, etc., have helped push ETH from $2,700 to $3,700 in the past half month.