Ethereum's daily trading volume has robustly rivaled the peak of the 2021 bull market, reflecting the 'undercurrents' in the stock market. Back then, retail investors used real money to push the market; now it resembles capital engaging in 'precise operations'—stablecoins act as 'lubricants', minimizing friction in on-chain transactions; as soon as yield tools like ETH treasury bonds emerge, funds directly flow into the 'interest-earning cycle'.

In 2021, trading was driven by speculative emotions; now it’s generated by financial instruments. Stablecoins provide liquidity that can be traded at any time, while treasury bonds lock in long-term funds and simultaneously create arbitrage demand. Together, this leads to an increase in trading frequency. This indicates that the Ethereum ecosystem is no longer just a place for speculative trading; it is truly building a financial system— even if the coin price hasn't broken previous highs, the efficiency of fund turnover on-chain has already surpassed that.

Market logic has changed: previously one would follow candlestick charts to chase highs and cut losses; now the focus is on the flow of funds in stablecoins and yield products. Record trading volumes may not immediately trigger a market surge, but at least it proves that 'on-site funds are busy'. The next step is to see whether these strategies can continue to attract capital or if new tools will emerge, as the tricks in the crypto world are always wilder than candlestick charts.

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