The recent incident is quite interesting.

On the CME, the trading volume of Ethereum futures has unprecedentedly surpassed that of Bitcoin. This is not just a random fluctuation in data, but a substantial shift in the flow of funds.

Look at a few key actions: Vanguard has opened up trading permissions for Ethereum spot ETFs, and this entity manages over $19 trillion. The volatility of Ethereum options on the CME is rising, indicating that big money is quietly testing the waters.

On-chain costs are now absurdly low—mainnet gas fees have dropped below 0.1 Gwei, and transfers only cost two cents. This level of cost was previously unimaginable. The barrier to interaction has basically disappeared.

Looking at the price-sensitive zone again: If ETH falls below the line of $2,701, nearly $1.5 billion in long positions will be liquidated; if it breaks above $2,961, $720 million in short positions will be affected. At this position, any directional momentum release will be quite challenging.

In simple terms: institutional channels are opened, on-chain fees are at historic lows, and the popularity of derivatives has surpassed. These three dimensions are simultaneously boosting Ethereum.

There will definitely be fluctuations in the short term, but the underlying logic has changed. If institutions continue to buy through ETFs and CME—

Will you consider laying out ecological projects in advance? Gas is so cheap, are there any on-chain plays you want to try?