Is ETH a scam this time? TL&DR: - The main players are continuously accumulating. - The "Pectra upgrade" is expected to help Ethereum reduce costs and increase efficiency, ushering in the "iPhone moment." - The Ethereum ecosystem is warming up, and the on-chain meme battlefield is returning first. "Main Player Accumulation Signals" - The ETH Herfindahl index has risen from 0.4‰ in December 2024 to a recent 1.1‰, still away from the historical high of 3‰, reasonably speculating that the market makers will continue to accumulate. (Data and analysis from @Murphychen888) - Binance has significantly increased its ETH holdings in the May reserves. (I don't know if the rumors about the "Dubai market maker" are true, but Binance is indeed buying.) - In this wave of increase, Ethereum's CVD (Cumulative Volume Delta) and price have risen in sync, indicating a bullish trend supported by real buying. (Source of the image: @_forab) "Pectra Upgrade" - A key upgrade for Ethereum to become a mainstream base layer. Traditional finance is making a big push into crypto, the RWA narrative is rising, and with the support of the Trump family's WLFI, the Pectra upgrade comes at the right time. Key upgraded features include: - Smart account wallets (Ethereum's "iPhone moment") - Increased validator staking limits + on-chain lifecycle management for staking validators (optimizing network efficiency, making staking enterprise-level upgrade) - Increased blob throughput (enhancing L2 performance) What is Pectra Chinese version: "ETH Ecosystem Heat Recovery" - Ethereum chain Gas gwei suddenly rose since last Friday, but has slightly retreated today. - On-chain funds have seen net inflows over the past month. - The meme ecosystem is warming up; besides old coins like $pepe and $moodeng, new targets like $RATO and $MACI are also emerging, indicating that market makers are cooperating with this wave of Ethereum's rise. (I completely agree with @CyptoForest's judgment on the meme market trend; Solana market players have become smart enough from the last round of hellish battlefield training, turning it into an extreme PVP battlefield, while the ETH chain is the new diamond mine: "Summary" From on-chain data, technical upgrades to ecosystem recovery, Ethereum is forming a triple favorable pattern of "chip structure + fundamental improvement + market sentiment recovery." The Pectra upgrade is expected to be a key catalyst, and the meme heat provides us with a short-term observation window. Next, continue to pay attention to: - The main players' attitude, how long they will accumulate, and the rhythm of accumulation. - Whether Pectra can truly bring about the "iPhone moment," attracting new funds, builders, and users to Ethereum.