ETH's Quiet Climb - Is the institutional interest drying up?

It's interesting to see $ETHUSD just quietly grinding higher, currently at 1881.88, almost hitting the daily high of 1884.0059. Meanwhile, you've got tokens like $HKD suddenly popping 4.73% to 1.77 and $CRV showing some life at 0.2417. I can't help but wonder if the narrative of institutional adoption for ETH has run its course for now, or if it's simply a sign of capital moving into more speculative plays while the big boys consolidate. Feel free to tell me why I'm completely off base.