According to the source, analysts claim recent Ethereum (ETH) spot order activity hints at institutional re-entry. According to the source, no quantitative details such as order sizes, venues, or timestamps were disclosed, so the claim should be treated as unverified until confirmed by independent metrics. According to the source, traders seeking confirmation can validate the thesis by checking for a sustained positive ETH spot-futures basis, increasing top-of-book bid depth and large block prints on major exchanges, and rising net spot inflows before taking directional risk.