4E: The ancient whale returns to ETH, regulators and institutions are working together, and the emotional resonance between Bitcoin and Ethereum is picking up

On November 27th, according to 4E observation, an "ancient whale who has interacted with the Ethereum Foundation" has returned a large amount of money on the chain. Its address has bought 7318 ETH at an average price of 3016 US dollars since yesterday, the amount is about 22.07 million US dollars. The address sold 12,575 ETH at the high point in August last year, and the total position has now rebounded to 10,529, indicating that deep participants are rearranging.
On the regulatory side, Nasdaq ISE proposed to significantly increase the option position limit of BlackRock IBIT from 250,000 to 1 million, showing strong expectations for the demand for spot bitcoin ETF derivatives; SEC released a revised 2025 plan, pointing to clearer crypto supervision, safe harbor provisions and DLT exclusive rules, clearly promoting the better integration of digital assets into the traditional market structure.
In terms of market sentiment, Tom Lee, chairperson of BitMine, softened the previous forecast of "$250,000 Bitcoin at the end of the year" to "expected to return to above $100,000", but still believes that a new high is possible; institutional Ark Invest increased its holdings by more than $16 million Coinbase and CoreWeave, and large capital continued to bet on crypto and AI infrastructure.
4E comments: The return of ancient giant whales, the relaxation of ETF derivatives, the structuring of regulations and the continuous buying of institutions together constitute a moderate and multi-signal. Bitcoin's "expectation difference" has changed from extreme optimism to rational optimism, while Ethereum is gaining renewed attention from deep players on the chain. Funds and regulatory environments improved simultaneously, and the market entered a three-factor resonance stage of "policy warmth, stable funds, and rising sentiment".