Coincidentally, in the past two days, I have also heard many friends talk about the situation of ETH trading. I don't know if it's true, and I don't know how they came to this conclusion. The last time I heard a similar theory was on SOL, but I prefer to look at it from a data perspective. Firstly, there is the ETF. As of Friday, a total of 3458330 ETH have been locked in the ETF, of which 99.42% are institutions in the United States and the rest are institutions in Hong Kong. Currently, the total amount of ETH is 120818236, so institutions are still buying a drop in the ocean. However, 34198932 ETH have been pledged in POS, accounting for 28.3% of the total. This number is not low, and it is a long-term accumulation. And we can see from the data that from the beginning of staking to now, the amount of staking has gradually increased. Even when the price of ETH is very poor, the decrease in investors is not significant, and redemption does not require a lot of time. More importantly, over 16 million pieces have already been pledged at a cost of less than $1500, accounting for half of the total pledged quantity. In addition, about 23 million ETH is locked in smart contracts, which account for more than half of the total. It's a bit difficult to sell more than millions of ETH through market manipulation, as spot ETFs alone have sold nearly 32000 ETH in the past week. Compared to the theory of changing villages, I would rather believe: 1. It is highly likely that the spot ETF pledge of ETH is about to pass, and some investors or market makers believe it is a good opportunity, so they are buying a large amount of ETH. According to the stock data of the exchange, starting from August 2024, when the price of ETH drops from $4000 to $2500, the stock of the exchange will increase significantly, representing that most investors have lost confidence in ETH and are preparing to leave at high prices. And this situation has reversed since ETH $1600, even though the price of ETH is rising, the stock of the exchange is still being consumed quickly. This situation is very similar to BTC, indicating that many investors have started to buy ETH internally on the exchange and have not seen any further accumulation of ETH in the short term. 2. ETH has completed its latest upgrade, Pectra. Although many small partners interpret it as unfavorable for ETH's development, including using L2 to share traffic, reducing gas fees, using non-native tokens to replace gas, and increasing the staking limit, it is indeed beneficial for ETH's network. Although the development of RWA seems a bit far fetched, it is true that giants including BlackRock and Fidelity are laying out their RWA infrastructure on ETH, which may not necessarily stimulate users' imagination of RWA. 4. Investors are rotating in their layout of sectors. Of course, the above is all my personal imagination, and it does not mean that this will continue to increase the price of ETH. On the contrary, I believe that ETH is more closely aligned with the trends of BTC and the US stock market, especially in recent times when I have seen a high degree of overlap between ETH and Russell 2000. The Russell 2000 is also the highest rising US stock index in the past week, and the situation is very similar to ETH. So personally, what I believe more is that with the rise of mainstream assets, some investors are starting to layout sector rotation, hoping to bet on the rise of small cap stocks and in the cryptocurrency field, including ETH and various altcoins. This situation is very similar to the end of 2024. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex