#机构疯抢以太坊 Someone questioned: With prices rising so sharply, the network GAS fees and TVL haven't kept up with these fundamentals? This actually falls into the analytical pitfalls of traditional markets. In the crypto space, price has never been a 'follower' of fundamentals but rather the most advanced 'signal light'. Think of the story of Solana: Back when SOL surged from $7 to $130, the developer ecosystem and user base had just started to explode; Amazon was still operating at a loss when its stock price rose by 194% in 2003, and Tesla's deliveries only increased by 25% when its stock rose by 344% in 2013. The rule of innovative assets is always: price ignites the narrative first, the narrative attracts capital, and then capital nurtures the fundamentals. For Ethereum, the current surge is essentially a first-round value reassessment based on policy expectations and institutional strategies; the true price movement driven by on-chain data hasn't arrived yet. It's like a rocket just igniting, with fuel still not burned out.