In fact, many people, including myself, feel that this recent Ethereum Pectra upgrade is of little use. There are even voices in the market saying that this upgrade is detrimental to ETH's development, such as L2 draining the mainnet traffic, reducing Gas fees, allowing the use of non-native Tokens to pay Gas, and increasing the staking cap. Indeed, in the short term, the decrease in Gas fees may reduce the demand for ETH. However, in the long term, the improvement in network efficiency will enhance the user experience and foster a more prosperous ecosystem, thereby attracting more users and capital.

More importantly, there is the imaginative space for RWA (Real World Assets). It is reported that giants like BlackRock and Fidelity are laying the groundwork for RWA infrastructure on Ethereum, meaning that in the future, houses and bonds can be traded on-chain. This is definitely a long-term positive for Ethereum. Therefore, the market's expectations for RWA may also be one of the culprits driving up ETH prices.

In summary, Ethereum has exceeded BTC in trading volume for three consecutive days, with an increase of over 40%, which undoubtedly indicates that throughout May, Ethereum could be the standout player.