Ethereum's explosive mode is on! June just began, and the shorts have been cornered.

Ethereum is not holding back! Just breaking through $2600, ETH is rewriting the script with three large bullish candles. This is not an ordinary rebound; the bulls hold three aces:

On-chain data is off the charts! Network usage skyrocketed by 37%, with transaction fees exceeding 100 million for two consecutive weeks, indicating that real money is flooding in. Institutions have also started buying, with BlackRock using ETF options for positioning, Grayscale’s ETH trust premium rate hitting a new annual high, and large funds quietly accumulating. Even more intense is the ETF narrative bombshell, with SEC approval countdown; once passed, trillions from the traditional stock market will pour in, directly igniting the crypto space!

This time, ETH is not a “false fire”; the underlying logic has fundamentally changed. Pectra has upgraded to the sprint phase, with the mainnet code frozen and on a countdown, trading speed increased by 5 times, and Gas fees potentially plummeting by 70%. The L2 ecosystem is experiencing a massive explosion, with Arbitrum daily active users surpassing 500,000, and zkSync transaction volume exceeding Ethereum’s mainnet; the entire ecosystem is expanding exponentially. Coupled with the new AI + DeFi narrative, Render Network has become NVIDIA's designated computing layer, and EigenLayer's staking has exceeded 15 billion; ETH has become digital oil + blockchain operating system!

The technical side has also shown strength! Weekly level breakout of the downtrend line, MACD underwater golden cross, which is a signal before the bull market started in 2020. On-chain data shows that whale addresses holding for over 1 year have increased by 12%, and the main force is quietly locking up. The derivatives market is even crazier, with open interest surpassing 8 billion, and options market betting on contracts rising to 3200 in June surged by 300%!

Still not rushing? Be careful of missing out at the end of the month! Remember three key points: On the eve of ETF approval, the market will definitely experience a “running race”; L2 leaders ARB/MATIC may lead the surge, but the true king is ETH; beware of altcoins sucking blood, this wave is a “core asset” solo dance!

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