Talk about the current Ethereum

An objective fact is that the price of $ETH is mainly driven by ETFs. On August 11-12, the net inflow of U.S. spot Ethereum ETFs broke $1 billion, with a cumulative inflow of $10.8 billion and an AUM of about $25.7 billion.

You can see it as long-term capital entering the market, or as a structural migration of ETF funds from $BTC to $ETH .

This type of capital has two characteristics:

1. More stable sources of funds: Their client base is large and diverse, and ETFs are included in various investment portfolios and pension plans, leading to a continuous, relatively passive, semi-automatic buying pressure.

2. Buying behavior is more persistent: The behavior pattern of this capital flow tends to involve sustained net buying over several weeks or even months. It essentially provides a stable and predictable underlying demand for the ETH market, with a certain potential to form a slow bull trend.

If you are waiting for a fool's market, then $ETH itself may be in such a fool's market right now.

The strategy to cope with this market situation is also very simple: overweight ETH plus betting on major L2s, using the classic strategy of scaling in during pullbacks.

The rest simply requires monitoring when ETF inflows start to shrink, when they begin to turn into outflows, whether leverage is overheating, etc., and then adjust positions based on corresponding events.