The Ice and Fire of
#以太坊 A few days ago, I saw a set of data in the crypto media:
Ethereum’s smart contract deployment in Q4 2024 hit a record high,
and the number of transactions also broke records.
At first glance, it’s easy to draw a conclusion:
$ETH ETH is about to enter a bull run.
It even reminds people of the narrative repeatedly mentioned by
#TomLee and
#易理华 about the 2026 bull market—
as if everything is aligning.
But the question is:
Has the on-chain activity really returned to a bull market state?
So I systematically reviewed Ethereum’s core on-chain indicators, and the conclus