#特朗普数字资产政策新方向 The surge in ETH yesterday actually had clear signs. Starting with the technical side, the Fusaka upgrade is scheduled to go live on December 3, and this upgrade will significantly increase network throughput and cut a chunk off gas fees. The market has always responded well to this kind of substantial improvement, since it directly affects whether the ecosystem can retain its users.

The changes at the macro level are even more crucial. The Federal Reserve announced it would stop quantitative tightening, sending a clear signal—no more continuous liquidity drain from the market. Coupled with the widespread expectation of future rate cuts, liquidity expectations have suddenly opened up. With more money in the system, it naturally looks for outlets, and high-beta assets like ETH become the top choice.

The moves on the capital side are also straightforward. BlackRock is continuously accumulating ETH, and large players are opening substantial leveraged long positions. Even more interesting, Vanguard has opened a crypto ETF trading channel, meaning the gateway for traditional finance funds just got wider. Although overall ETF data still shows net outflows, large single-institution buys are enough to create a short-term imbalance in supply and demand.

There's also an underestimated factor—the previous drop was too sharp. In an oversold state, short covering itself amplifies the rebound, and when technical correction combines with positive news, the rally naturally gets fierce.

But looking at it calmly, how much of this surge was built on leverage? Will the network actually deliver the expected performance after the upgrade? Will institutional buying continue? All these questions need time to be answered. High short-term volatility is inevitable, and the real trend depends on whether the fundamentals can support the price.