#机构疯抢以太坊 Ethereum's recent institutional holdings ratio has突破**30%** (reaching an all-time high), combined with continuous inflow of spot ETF funds (over **500 million USD** in a single week), short-term market sentiment is high. However, whether a "super bull market" can be initiated depends on three core variables:

1. **Ecological self-sufficiency**: Will the L2 adoption rate (current Arb/OP daily active accounts account for ~60% of Ethereum) and DEX trading volume (Q2 quarter-on-quarter +20%) continue to grow?

2. **Sustainability of deflation**: The current annualized deflation rate is 0.8%. If on-chain gas demand decreases, it may weaken value capture;

3. **Competitor diversion**: High-performance chains like Solana are vying for institutional funds (their ETF applications are on the agenda).

If the Federal Reserve cuts interest rates in September + Ethereum staking yield remains at **3.5%+** (higher than US Treasuries), institutional allocation demand may push to break the previous high, but caution is needed regarding high gas fees and regulatory uncertainties (the SEC has not clearly stated the securities nature of ETH).