#数字资产生态回暖 Ethereum, in the current macro environment, is becoming the focus of market attention. The breakthroughs in privacy protocols brought about by this upgrade have unleashed more imagination within the industry regarding the future of on-chain assets.

Three forces are converging:

On the macro level, liquidity expectations are clearly changing. The Federal Reserve’s ongoing short-term US Treasury purchase program (with a monthly scale of up to $40 billion), combined with the shift in US policy attitudes towards cryptocurrencies—Congress urging the SEC to include assets like Bitcoin in the 401(k) retirement plan—have made the transformation of the US financial market towards on-chain solutions a consensus. These signals collectively point in one direction: the integration of traditional financial systems with the blockchain ecosystem is accelerating.

ETH’s fundamentals themselves show many highlights. As the core infrastructure for major applications like US Treasury tokenization, its position is becoming increasingly solidified, and Wall Street’s recognition of its role in on-chain finance is rising. More specifically, the fee mechanism changes after the Fusaka upgrade have brought about significant deflationary effects—over 1,500 ETH burned in a single day, accounting for 98%. The continuous prosperity of the Layer 2 ecosystem keeps feeding value back to the mainnet, and the deflationary cycle is operating in an orderly manner.

The technical aspect is also worth noting. The leverage ratio has fallen back to a historic low of 4%, and the ETH holdings on exchanges are maintained at only 10%, indicating that speculative sell pressure has been cleared. The sideways movement of the ETH/BTC rate further signals: signs of bearish exhaustion are obvious, and capital rotation may be brewing.

The capital side reveals the most direct signals. Previously, the spot Ethereum ETF experienced continuous net outflows, but recent signs of capital inflow have appeared. This shift indicates that the market’s most direct selling pressure is easing, and demand-side improvements may have quietly begun.

Overall, the macro policy advancement, improvements in technical fundamentals, and shifts in supply and demand are forming a certain resonance. When traditional finance deeply integrates with Ethereum through on-chain mechanisms, and the internal deflationary mechanism continuously locks in value, a new round of momentum after market leverage is cleared may already be brewing.