#以太坊行情解读 The entire value logic of Ethereum is undergoing tremendous changes. In the past, people bought $ETH mainly because they were optimistic about its future application prospects — it was an investment based on imagination. But now the situation is different. The network is gradually evolving into a real economic machine, capable of generating visible and tangible cash flow like a mature internet company. This shift from 'future stories' to 'current returns' signifies a complete restructuring of the valuation framework. Similar narrative reconstructions are also reflected in the ecosystems of $BNB and $SOL, indicating that in this cycle, the market's assessment of projects has shifted from pure imagination-driven to gradually leaning towards actual output capabilities.