Will ETH break historical highs in 2025?

First, understand these 3 'hidden logics' in the crypto world:

1. Change in mechanism ≠ guaranteed value

The transition of ETH from PoW to PoS has indeed changed energy consumption and inflation models, but its essence remains a 'consensus-driven' speculative asset. Just like when you buy bubble tea, no matter how fancy the packaging is, the taste is what matters most; in the crypto world, when 'consensus' collapses (due to regulation or black swan events), prices will plummet — this logic has never changed.

2. New highs depend on the 'speed of passing the parcel'

To see new highs in 2025, we need to consider three points:

- Whether international capital is willing to 'continue the legacy' (the entry/exit of major institutions from Wall Street has a huge impact);

- Whether regulation will 'suddenly intervene' (the policies of the US and EU towards cryptocurrencies can reverse the market in an instant);

- Whether there are enough retail investors to take over (the essence of the crypto world is a zero-sum game; if someone profits, someone else loses).

3. Don't believe in the nonsense of 'only profits, no losses'

I've seen clients trading ETH, making millions in a bull market and then losing so much in a bear market that they had to sell their homes to pay off debts. The returns in the crypto world are high, but the risks are 'limitless' — exchange collapses, theft of private keys, policy bans, and there’s no place to seek justice.

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