#美联储回购协议计划 Ethereum is far more than just a coin. As the pioneer of smart contracts, it supports the operation of the entire Decentralized Finance ecosystem, and every change in the flow of funds on-chain and the actions of Whales directly impacts the market direction.

$ETH itself is like the engine of the blockchain world. Whether it's DEXs like Uniswap or lending protocols like Aave and Compound, they all rely on the stable operation of the Ethereum network. The large holdings of whales often release market signals in advance—once large holders start adjusting their positions, retail investors usually follow suit belatedly.

$BNB plays a similar role in the Binance ecosystem, representing an application-oriented public chain, and its ecological activity is also worth paying attention to. The key is still to see if the actual application growth on-chain and developer activity can be sustained.