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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 withdrawal 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, consensus is extremely bearish; in market rotations, the weakest assets often are the last to recover. SOL｜Consolidating and accumulating, has narrative but lacks incremental buying Current price 100.97, slightly down 0.34%, liquidation 4.98 million, the lowest among the three. Spot net inflow recorded at 5.84 million, technical narratives from Firedancer and Alpenglow provide underlying support, but ETF funds have outflowed for three consecutive weeks, with nearly 72 million lost in recent months. The range holds between 100.50–100.80, market support is acceptable, but lacks marginal new capital, resulting in steady but uninspiring momentum. ZEC｜The only gainer, strong narrative accompanied by high leverage risk Current price 1209.76, up 1.6%, the only token among the three showing gains; liquidation 5.07 million. Market cap is only one-third of SOL, leverage competition is the fiercest, current fee rate implies longs continue to pay