Today, ETH pulled back from 2023 to 1991, with a volatility of 3.4%. On the surface, it looks like a technical adjustment, but considering the macro environment, I think we need to pay attention to two points: First, the New York Fed data shows SOFR slightly rising to 3.63%, indicating a marginal tightening of the liquidity environment; second, traders have moved the rate hike expectations up to October, with a 50% probability. This puts pressure on the valuation of risk assets. The moat for ETH lies in its ecosystem activity, but the stability of short-term free cash flow is affected by regulation and interest rates. I don't believe there's a clear margin of safety at the current price levels; let's wait for the Q3 earnings report, especially to see if on-chain activity data can support the current valuation. Regarding the AI hype and remote work news, while it doesn't directly impact ETH, it reflects a repricing of the market's perception of technological productivity distribution, which could indirectly influence risk appetite.