Ethereum un Close Position contract volume has reached a new high, almost reaching the Bull Market level of 2021, and in the near future, Ethereum will undergo a major Cancun upgrade that will significantly drop Layer 2 fees. Moreover, Longer's exchange reserves are also decreasing, and more and more Long Ethereum is being transferred to other platforms or wallets for staking or other purposes, and Bloomberg estimates that there is only about a 60% probability of Ethereum ETF passing. Global macro Liquidity is more important than Halving, Bitcoin the ratio of value to M2 Money Supply in the United States, and the introduction of QE in the United States Central Bank led to a large increase in Bitcoin prices, allowing Bitcoin to strengthen its Hedging Inflation and the means to cope with currency depreciation.