Despite Ethereum's recent price drop, on-chain data reveals a surprising surge in demand from institutional investors. These permanent holders, likely comprising hedge funds and billionaires, have purchased a staggering 298,000 ETH in just 24 hours, signaling a potential bullish turnaround.

This significant influx of investment suggests that institutions are taking advantage of lower prices, positioning themselves for a potential market upswing. The data indicates a strong bullish sentiment, contradicting the current downtrend.

The approval of spot Ethereum exchange-traded funds (ETFs) in Hong Kong may also contribute to increased institutional investment. Gary Gensler, chair of the United States Securities and Exchange Commission (SEC), has hinted at a summer launch for these ETFs, which could bring significant liquidity to the market.

While Ethereum's price continues to fluctuate, the underlying demand from institutional investors suggests a potential reversal in the near future. This development highlights the importance of on-chain data in understanding market trends and sentiment.

In conclusion, Ethereum's price may be experiencing a downturn, but the surge in institutional investment suggests a hidden strength in the market. As the crypto landscape continues to evolve, it's essential to look beyond surface-level trends and explore the underlying data driving market sentiment.