#比特币与黄金战争 What is really behind Ethereum's recent "cooling-off period"?

Speaking of Ethereum's market this year, it has indeed experienced a rollercoaster ride. From a peak of $4946 in August to $2991 at the end of November, the decline was significant. But interestingly, while prices fell, institutional money was actually pouring in—what's going on here?

First, let's look at the policy side. The US SEC has officially approved spot Ethereum ETFs from nine institutions, with giants like BlackRock buying in. So far, these ETFs hold a total of 6.2 million ETH, accounting for 5% of the total supply. Although this percentage seems small, it sends a clear signal to institutions—they recognize Ethereum's long-term value. In addition, institutional investors like Digital Asset Vault (DAT) have been even more aggressive, increasing their holdings by 4.8 million ETH in 2025 alone, with steady buying pressure ongoing.

On the technical upgrade front, the Pectra upgrade has been officially implemented, directly raising the staking cap from the previous level to 2,048 ETH, while the block capacity has increased by 50%. This means the network throughput has improved significantly, and users should feel the difference.

But challenges must also be taken seriously. The liquidity fragmentation issue of Layer 2 solutions has not been fundamentally resolved, and competitors like Solana have been steadily capturing transaction fee share, now accounting for 17% of Ethereum L1 fee revenue. Additionally, the recent rise in short-term holders has increased market volatility.

The key moving forward will still be the flow of funds into ETFs and the actual impact of the Pectra upgrade on the ecosystem—these two factors will directly influence Ethereum's mid-term trajectory.

$ETH $BNB $XRP