* **Institutional products** like crypto ETFs are drawing big money. * **AI agents** will increasingly use Ethereum as “internet-native money.” * Supercycle believers see ETH breaking its all-time high **sooner than expected**.
### 🧊 看跌观点:
* Citi and other analysts say **ETH is ahead of fundamentals**. * Gains may be **speculation-driven**, not yet backed by on-chain usage. * The “supercycle” is still **just a narrative** — not a certainty.