Etherscan Metrics: The average daily transaction count on the Ethereum chain has reached a historic high over the past seven days.

The classic paradigm of price strength, chain activity, and liquidity resonance is reappearing.

From a liquidity perspective, CEX inventories are decreasing, and ETFs are accumulating, with supply side being continuously compressed.

From the perspective of expectation differences, the fee switch/re-staking/treasury company trifecta has not yet been fully priced in.