On-chain data shows that Ethereum recently staged a performance of 'The Vanishing Staker'—the longest 84-day net outflow of staked assets since the upgrade, with 34 million ETH withdrawn, enough to award each Ethereum developer a 'Best Escape Medal'.

——DeFi veterans are simultaneously burning 41% of block fuel in Gas fees (the speed of Uniswap traders rivals that of esports players), while watching NFT players exit collectively (Gas's share plummeted from 32% to 7%), resembling a real-life 'Squid Game' on-chain.

At this moment, the ETH price resembles tourists diverted by L2s—daily active addresses on the mainnet have shrunk to 550,000, while the TVL of L2 has exceeded 20.7 billion USD.

——However, ETF funds are going against the trend, with a single-day inflow of 300 million USD resembling the classic plot of 'retail investors complaining while adding to their positions'.