$ETH

Ethereum has recently been stuck at the psychological barrier of $1800, repeatedly rubbing against it, resembling a body frozen in place by a spell. On-chain data reveals a fatal flaw—although the TVL of Layer 2 has surpassed $40 billion, setting a new historical high, the daily active addresses on the mainnet have shrunk to their lowest level since the DeFi summer of 2020. This 'false prosperity' has even started to shake the most loyal Ethereum believers, and Vitalik's latest proposed 'Purge' upgrade concept sounds more like a last-ditch effort to rescue an overloaded blockchain.

Institutional operations are becoming increasingly fragmented; the Grayscale ETHE fund continues to bleed shares, while a European family office has been reported to be secretly scooping up 500,000 ETH in dark pools. Ironically, when the US SEC uses the 'securitization' stick to beat Ethereum, the Swiss Stock Exchange quietly launched the world's first ETH structured notes, with annual coupon rates directly linked to Ethereum staking yields. This regulatory arbitrage game is best played by traditional financial giants.

The derivatives market is brewing a storm; the ETH quarterly futures premium has fallen to its lowest point since the merger, but the open interest in call options has surged by 300%. This extreme divergence often signals a major turning point—either a black swan ETF event or a liquidity crisis triggered by staking withdrawals. Do you think this time it can truly break through the historical high, or will it fall victim to the next 'buy the expectation, sell the fact' scenario?

(On-chain detectives have found that a certain whale address charged 90,000 ETH to Kraken through 17 intermediary addresses in the past 48 hours, while simultaneously laying out equivalent call options on Deribit. This contradictory operation resembles the strategies seen at the peak of the 2021 bull market...)