2026-01-03 09:27:37

Recent developments in Ethereum are indeed worth paying attention to. This upgrade not only involves privacy protocol enhancements but also has a broader macroeconomic background that warrants deeper analysis.

Currently, three clear forces are stacking in the market: First, the Federal Reserve's liquidity injections. The $40 billion monthly short-term US debt purchase plan has exceeded market expectations, directly increasing available funds within the system. Second, policy breakthroughs. Congress is urging the SEC to include crypto assets in pension plans, and the SEC chair personally announced that financial markets will transition onto the blockchain. This is not just casual talk but a genuine policy direction. Third, Trump's pressure to cut interest rates has opened up space for liquidity release.

From Ethereum's own signals, several are quite clear:

After the Fusaka upgrade, the Blob fee burning momentum has been fierce, with over 1,500 ETH destroyed in a single day, accounting for 98% of the total burn volume. The prosperity of L2 solutions continuously feeds back to the mainnet, and the deflationary mechanism is operating at high speed. Tokenization of US debt on Ethereum is seen as a core infrastructure, and Wall Street's consensus has been unprecedentedly strengthened.

On the technical side, speculative leverage has fallen to about 4%, the lowest in history, and ETH holdings on exchanges are down to just 10%. What does this indicate? The market has undergone sufficient clearing. The ETH/BTC exchange rate is sideways and resilient, with shorts exhausted, and conditions for capital rotation are maturing.

The most direct signal comes from the capital side. The long-term net outflow of spot Ethereum ETFs has recently reversed, with funds flowing back in. This suggests that the market's immediate selling pressure is easing, and the demand-side improvement may have quietly emerged.

Overall, a triple resonance of macro policies, technical fundamentals, and capital flows has formed. Traditional finance is closely linked to Ethereum through on-chain integration, and the deflationary mechanism within the ecosystem, along with a thriving ecosystem, provides solid value support. Leverage has been cleared, and the market is moving lightly—everything seems to be ready.

ETH1%

BTC-1,24%

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Fren_Not_Food

· 01-05 05:12

Short squeeze liquidation, this round is really well-prepared.

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gaslight_gasfeez

· 01-04 02:34

Wait, only 10% of ETH remains on exchanges? Isn't this data a bit exaggerated? It's all about deflation, policy breakthroughs, Wall Street consensus... It sounds like all good news are piling up, which actually seems a bit suspicious. Clearing leverage and then rallying—does that feel solid? I still think it depends on whether it can break the previous high. Will the SEC really push for on-chain transformation? I've heard that phrase too many times. Blob burning 1500 coins sounds impressive, but mainly because L2s are doing their homework; it’s not directly related to ETH’s strength. Policy breakthroughs are promising, but this stuff is unpredictable—don’t get caught off guard.

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rekt_but_not_broke

· 01-03 09:57

It's all been agreed upon, but can Wall Street really pour money in, or will they just take another wave of profits and run after eating the retail investors?

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GateUser-c802f0e8

· 01-03 09:49

Damn, this article is so detailed. Finally, someone has explained triple resonance clearly.

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quietly_staking

· 01-03 09:44

Leverage liquidation, ETF inflows, policy breakthroughs... This time, it's really different, isn't it? --- Wall Street consensus, they say it better than they sing it, let's wait and see. --- Burning 1500 ETH in a single day? With such aggressive deflation, no wonder people are rushing in. --- Exchanges only have 10% of ETH in inventory, this data needs to be carefully analyzed. --- Talking about triple resonance again, they said the same last year. --- Is ETF fund inflow a genuine signal or just a rebound? It's hard to tell. --- 98% of Blob fees are burned, the L2 ecosystem is indeed helping to feed the mainnet. --- Tokenization of US debt positions ETH as infrastructure, which is the core. --- Leverage at 4%, a historic low, is the market really cleaned up this thoroughly? --- All preparations are done, but it always sounds a bit虚 (vague/empty).

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GetRichLeek

· 01-03 09:38

Wow, this analysis is so detailed, but I always feel like something's off... On-chain data looks good, but isn't it usually the whales trying to trap retail during these times?

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