Arthur Hayes: ETH may double its current price to $5000 this year, setting a new historical high—— Typical market psychology game logic! I have always emphasized: As long as the fundamentals of Ethereum remain unchanged and the market FUD becomes more intense, Ethereum is an excellent target! Why are there ups and downs? It's nothing but fools buying and fools selling. The market has reflexivity. Don't rely on others' words, learn to only look at current opportunities and fundamental changes that may occur—— How do you view this ETH rebound opportunity? one ️⃣ Short term sentiment low point+ETF positive catalysis+fund rotation game, ETH may become the representative of the next stage of "catch-up". two ️⃣ If BTC stabilizes and consolidates above 70K, and ETH rises to 4000, it is a high probability event. three ️⃣ Whether it can break the historical high (4878) depends on whether ETFs truly bring substantial capital inflows, whether the market is willing to rebuild the long-term narrative of ETH, and with Proto Danksharding/L2 scaling technology gradually implemented, RWA and physical finance are highly likely to choose Ethereum. Emotions can be manipulated, and market cycles often favor assets that rebound from emotional lows. Stay tuned. This is the most typical manifestation of reflexivity: expectations → behavior → reality being changed → reinforcing expectations. Investment is not waiting for value to return, but waiting for cognitive reversal—— Reflexivity is the carnival of collective cognitive reversal.