• Foundation policy adjustment: The Ethereum Foundation announces a future focus on ecological development, particularly in the DeFi sector, and gradually reducing annual operating expenses to decrease ETH sales. This helps alleviate market supply pressure and stabilize investor confidence.

  • Hard fork upgrade: The 'Pectra' hard fork plan brings many improvements, such as doubling Layer-2 block space, introducing account abstraction, increasing validator staking limits, and adding enhancements like Verkle trees, which can significantly reduce gas fees, improve staking efficiency for large holders, and enhance network throughput and data efficiency.

  • Robust staking ecosystem: Over 27% of eligible ETH is staked on PoS, with annual staking yields around 3-4%. The increasing amount of staked ETH means a reduction in ETH supply on exchanges, increasing ETH scarcity.

  • Advantages in DeFi and NFT markets: DeFi platforms host over 1,300 DeFi protocols, with a total locked value of approximately $46.3 billion, far exceeding competitors. Ethereum also holds the largest share in NFT trading volume, with weekly sales of Ethereum NFTs around $36.5 million in late May 2025, marking a month-on-month growth of about 28%.

  • ETF capital inflow: U.S. regulators approved multiple ETH ETFs in mid-2024, and by May 2025, the total inflow for ETH ETFs reached a record $564 million, continuing into June. As of June 3, the total assets of ETH ETFs were approximately $9.37 billion, accounting for about 3.06% of ETH's market cap.

  • Regulatory policy signals: U.S. regulators have released relatively lenient policy signals regarding proof of stake (PoS), easing some restrictions. The new chair of the U.S. Securities and Exchange Commission, Paul Atkins, also announced plans to provide clearer guidance on which crypto tokens are considered securities, reducing policy uncertainty.

  • Macroeconomic environment: With inflation cooling, the Federal Reserve has kept interest rates stable in recent meetings, and may shift to rate cuts later in 2025. Lower rates are generally seen as favorable for cryptocurrency price increases.

  • Real-world assets on-chain: New policies regarding stablecoins have been launched in places like Hong Kong, signaling a gradual alignment with traditional finance. The stablecoin product launched by JD.com opted to deploy on the Ethereum mainnet, and as real-world assets accelerate onto the chain, Ethereum, as a mature ecological foundation, is favored by more traditional capital.

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