The institutional holding ratio of Ethereum $ENA recently broke **30%** (a historical high), coupled with continuous inflow of spot ETF funds (over **$500 million** in a single week), short-term market sentiment is high. However, whether it can initiate a 'super bull market' depends on three core variables:

1. **Ecosystem self-sustainability**: Whether the adoption rate of L2 (currently Arb/OP daily active users account for ~60% of Ethereum) and DEX trading volume (Q2 quarter-on-quarter +20%) can continue to grow;

2. **Sustainability of deflation**: The current annualized deflation rate is 0.8%. If on-chain Gas demand decreases, it may weaken value capture;

3. **Competitor diversion**: High-performance chains like Solana are competing for institutional funds (their ETF applications are on the agenda).

If the Federal Reserve lowers interest rates in September + Ethereum staking yield remains **3.5%+** (higher than US Treasury bonds), institutional allocation demand may push to break previous highs, but caution is needed regarding high Gas fees and regulatory uncertainties (the SEC has not clearly stated the securities attributes of ETH).