In contrast to short-term volatility, Ethereum is receiving dual support from both fundamentals and capital flows. Major technical upgrade: Today, the Ethereum network successfully implemented the BPO-1 upgrade. This upgrade increased 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 ecosystem's overall scalability and user experience. Continuous improvement in capital flows: Institutional capital continues to enter through compliant channels. Since the start of 2026, US spot Bitcoin and Ethereum ETFs have cumulatively attracted over $1.5 billion in net capital inflows. On January 2 alone, spot Ethereum ETFs recorded $174.5 million in inflows, creating a new high in recent weeks. This "spot-driven" capital inflow provides a solid bid foundation for the market.