Ethereum rallied to about $3,835 on Wednesday, moving within sight of the psychological $4,000 level, as on-chain data pointed to a surge in institutional and large-holder demand. Blockchain monitoring services traced four multi-signature wallets—believed to belong to a single entity—that received 101,131 ETH worth roughly $364 million over the past 48 hours via FalconX, Galaxy Digital and BitGo. Follow-up transfers lifted the three-day total to 128,204 ETH, equivalent to about $464.5 million, deepening a supply drain from exchanges. Separately, asset-management giant BlackRock resumed net buying, accumulating 9,251.59 ETH valued at $34.2 million and adding 367.32 Bitcoin for about $42 million, according to whale-tracking services. The purchases came after a brief period in which the firm had been reducing crypto holdings. The inflows coincided with U.S. President Donald Trump’s signing of an executive order authorizing the inclusion of digital assets in 401(k) retirement plans, a policy shift that market participants say could unlock a new channel of demand. Market dashboards also showed daily Ethereum transactions approaching all-time highs, underscoring rising network activity amid the renewed buying interest.