The institutional holding ratio of Ethereum ($ENA ) has recently surpassed **30%** (a historic high), coupled with a continuous influx of spot ETF funds (over **$500 million** in a single week), leading to a surge in short-term market sentiment. However, whether it can initiate a "super bull market" depends on observing three core variables:

1. **Ecosystem Self-Sustainability**: Whether the adoption rate of L2 (currently, the daily active users of Arb/OP account for ~60% of Ethereum) and DEX trading volume (up 20% quarter-over-quarter in Q2) can continue to grow;

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

3. **Competition Diversion**: High-performance chains like Solana are siphoning institutional funds (their ETF applications have been prioritized).

If the Federal Reserve lowers interest rates in September + Ethereum's staking yield remains above **3.5%+** (higher than US Treasuries), institutional allocation demand may drive a breakthrough of previous highs, but caution is needed regarding high Gas fees and regulatory uncertainties (the SEC has not clearly stated its position on the security attributes of ETH).