#大户持仓动态 Ethereum short-term trend attracts attention - in the last 4 hours, the rise reached 2.3%, trading volume has significantly increased, and long positions sentiment has somewhat rebounded. But is this rebound truly driven by real demand, or is it a short-term game of funds? Market opinions are not consistent.

**Ecological construction is steadily advancing**

In 2026, two major network upgrade projects are in the planning stages: Glamsterdam and Hegota. According to the official roadmap, these two upgrades will focus on enhancing scalability, operational efficiency, and security defenses. At the same time, the Ethereum Foundation has set a goal - to achieve 128-bit provable security by the end of 2026, which could be a turning point for large-scale deployment of institutional-level applications.

From the perspective of community activity, the average number of new wallets created per day in December surged to 163,000, an increase of 31% compared to the level in July. What does this data indicate? At the very least, it shows that there are still many people optimistic about the future of Ethereum.

**But the risk signals are also very striking**

The recent address poisoning scam resulted in a loss of $50 million, once again exposing the shortcomings in on-chain security defenses. Meanwhile, Ethereum-related ETFs experienced a net outflow of $643.9 million on a weekly basis, suggesting that institutional investors' attitudes seem to be shifting.

What is more concerning is that some cryptocurrency market research institutions have already predicted a defensive market trend may emerge in the first half of 2026, during which $ETH will face considerable adjustment pressure.

**The opinions in the community are not unified**

Optimists believe that the upgrade, once realized, will significantly enhance the network's value, betting that this rise will continue; conservatives, on the other hand, emphasize the risks of short-term profit taking and market volatility, suggesting a cautious approach. An interesting phenomenon is that this divergence is also common among other mainstream coins like Bitcoin and BNB — the market is still searching for a new consensus.