#通货膨胀与物价 After reviewing Yili Hua's analysis framework, several signals are worth paying close attention to.

First is the on-chain data—Blob fees burning over 1500+ ETH daily, accounting for 98%. This figure is indeed impressive and directly reflects the real activity level of the L2 ecosystem in feedback to the mainnet. In line with deflationary expectations, this scale of burning has already formed an observable on-chain signal.

Second is the CEX reserve dropping to 10%. From a fund tracking perspective, this means the majority has already exited or moved into cold wallets. Market holdings are extremely dispersed, and leveraged speculation has been wiped out. In the context of a rate-cutting cycle, such structural changes often indicate that institutional funds are rotating across asset classes—from BTC's store of value properties to assets with actual application scenarios.

The third layer is policy consensus. Macroeconomic narratives like the tokenization of US debt cannot be directly quantified, but they have changed Wall Street's risk pricing of on-chain assets, which will gradually be reflected in capital allocation.

Overall, the short-term technical bearish exhaustion combined with medium-term fundamental improvement creates multiple resonance signals. However, continuous tracking of CEX fund flows and whale address movements is necessary to confirm whether this wave of consensus is truly translating into increased capital entry.