910,000 ETH, $3.9 billion, an all-time high - this group of numbers hits every Ethereum believer like a heavy hammer. When the unstaking queue sets a historical record, when nearly $200 million flows out of ETFs in a single day, and when a whale sells $148 million worth of ETH, a cruel reality presents itself: Ethereum is experiencing an unprecedented crisis of trust.


While Bitcoin soars, Ethereum stands still, prompting investors to reassess the value proposition of the 'world computer.' High Gas fees, a complex Layer 2 ecosystem, and ambiguous monetary policy - these previously overlooked issues have been magnified in the frenzy of a bull market.


Even more deadly is the rise of competitors. Solana and Avalanche are encroaching on Ethereum's territory with faster speeds and lower costs. When the moat is no longer solid, the flight of capital becomes inevitable. The $3.9 billion wave of unstaking is not just a game of numbers, but a brutal confrontation between faith and reality.


But crises often give birth to opportunities. The technological innovations of Ethereum's sharding upgrade and state expiration are still advancing, and the first-mover advantage in enterprise applications still exists. This wave of unstaking may be a process of sifting the sands, leaving behind true value investors.