#数字资产生态回暖 Ethereum has been a bit unstable these days. It has dropped 5.2% in the past 24 hours, and the overall market sentiment feels somewhat suppressed. But a closer look at the underlying signals shows that there’s no need to be overly pessimistic.

Let's start with the good news. The U.S. Securities and Exchange Commission has just approved a tokenization pilot service by DTCC, and Ethereum is very likely to be included — this means the gates for institutional capital are beginning to open. Meanwhile, a major company recently bought an additional 14,959 ETH, spending $46 million, pushing their total holdings to over 3.86 million ETH. This guy clearly doesn’t think Ethereum has a problem.

Liquidity is also worth paying attention to. The global stablecoin supply has already surpassed $306.8 billion, reaching a new all-time high, with the Ethereum ecosystem accounting for $169 billion of that. In other words, there’s plenty of idle funds on-chain waiting to be absorbed by DeFi protocols and various assets. That’s the real purchasing power.

But risks are also on the table. A whale is holding a leveraged long position worth $29.1 million, with a liquidation price around $3,164. If it hits that point, a chain reaction of liquidations could be triggered, causing volatility to spike. Additionally, the use of cryptocurrencies for payments in certain sanctioned regions is increasing, attracting more regulatory scrutiny. Furthermore, the Bank of Japan has expectations of a rate hike next week, and possibly further hikes in 2026, which are not positive signals for the macro environment and the entire crypto market (including ETH).

Overall, institutional interest and ecosystem liquidity support the fundamentals, but short-term volatility and macro headwinds are variables that need to be taken seriously.