Ethereum: Extremely Scarce, Key Upgrade

The current core dynamics of Ethereum can be condensed into two points:

1. Extremely Tight Supply

The exchange ETH reserves have dropped to 8.7%, a historical low. A large amount of ETH is locked for the long term, and the circulating supply continues to decrease, creating a foundation of scarcity.

2. Completion of the Fusaka Upgrade

The network has just activated the key "Fusaka" upgrade, introducing PeerDAS technology, aimed at significantly reducing Layer2 costs and preparing for large-scale ecosystem expansion.

Market Bull-Bear Divergence:

· Bullish: Institutional funds are accumulating spot positions on dips.

· Bearish: Some traders are increasing short positions, betting on short-term trends.

Simple Summary: Short-term sentiment is under pressure, but the fundamentals are strengthening in the long term due to "technical upgrades + supply scarcity." Market volatility may intensify, and it ultimately depends on whether you focus on the fluctuations of the next moment or the narrative of the coming years. #ETH走势分析