In contrast to short-term volatility, Ethereum is gaining dual support from fundamentals and capital flows. Major technical upgrade: Today, the Ethereum network successfully implemented the BPO-1 upgrade. This upgrade increases Blob capacity per block to 15, which is expected to significantly reduce fees on Layer 2 networks such as Arbitrum and Optimism, further enhancing the scalability and user experience of the ecosystem. Continuous capital improvement: Institutional capital continues to enter through compliant channels. Since the beginning of 2026, US spot Bitcoin and Ethereum ETFs have accumulated net inflows of over $1.5 billion. On January 2 alone, the spot Ethereum ETF recorded inflows of $174.5 million in a single day, creating a new high in recent weeks. This "spot-driven" capital inflow provides a solid foundation of buying pressure for the market.