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🧧🧧【Afternoon of 10·26｜ETH/SOL/ZEC: Three Pricing Logics】 Under the same market conditions, the three tokens show completely divergent pricing, with different choices in capital, narratives, and leverage. ETH｜Weak consensus, narrative unable to resist continuous outflows Current price 2318, slightly down, 24h liquidation volume 41.86 million ranks first among the three. Exchange net outflow of 169,000 coins, hitting a nearly four-month high; ETF cumulative outflow in October exceeds $1.2 billion, with capital withdrawing for four consecutive weeks. The launch of Hoodi testnet did not bring capital inflow, unable to hold above the 2330 level, and the so-called "bottoming expectation" in the market remains only at the narrative level. Currently, the consensus is extremely bearish; in market rotations, the weakest assets often are the last to recover. SOL｜Consolidation and accumulation, narrative present but lacking incremental buying Current price 100.97, slightly down 0.34%, liquidation 4.98 million, the lowest among the three. Spot recorded a net inflow of 5.84 million; Firedancer and Alpenglow technical narratives provide underlying support, but ETF funds have outflowed for three consecutive weeks, with nearly 72 million lost in recent months. The range holds at 100.50–100.80, market support is acceptable, but lacking marginal new funds, the trend is steady but lacks explosive power. ZEC｜The only gainer, strong narrative accompanied by high leverage risk Current price 1209.76, up 1.6%, the only rising token among the three; liquidation 5.07 million. Market cap is only one-third of SOL, leverage competition is the fiercest, current fee rate means longs continue to pay