We are undergoing an ETH adjustment period that has lasted nearly 4 years.

Now it is the 6th attempt to break through the range, and it is also the strongest one yet. ETF trading volume has reached a new high, with calls for a 'bull tail' and '10,000 dollars' equally fervent.

The giant whales are battling it out, and the chips are being wildly exchanged here - this is the moment of greatest divergence and also the most critical.

However, what should have driven all of this, large-scale on-chain applications, has yet to appear, and some are merely narratives; the road ahead is long and arduous.