Looking at the recent market signals, there are three dimensions worth following.

First, let's talk about the technology aspect. The Ethereum Foundation has recruited 47 top cryptographers and is now officially launching the "Privacy Cluster" strategy. The goal is clear - to start building privacy features from the bottom layer of the network by 2026, while also promoting the upgrade to 128-bit security standards. This is not just a technological iteration; the underlying logic is to clear compliance barriers for the entry of traditional large funds.

Looking at the funding side again. According to data from the French central bank, the scale of the US spot ETFs has skyrocketed: Bitcoin ETFs are about $115 billion, and Ethereum ETFs are about $17 billion. This is not a virtual number. In the custody accounts of Wall Street, real money is continuously being accumulated. Institutions are not bored enough to engage in speculation; this wave of liquidity is serious.

The third signal comes from on-chain data. Whales have been continuously withdrawing ETH from exchanges, and this phenomenon persists. An even more interesting statistic is that large holders with between 1,000 to 100,000 ETH have collectively increased their holdings by 3.72% of the total supply in the past month. The ETH pool on exchanges is being drained.

Conversely: as liquidity increases, the number of tradable coins decreases. When will this inequality explode? Historical experience provides the answer. Whenever mainstream narratives resonate with liquidity, the market begins to stir. Remember DOGE and SHIB? A single tweet about a dog can lead to nearly a 29% increase. In this market, attention is the hardest currency.

In 2026, when these variables are simultaneously activated - the narrative of privacy upgrade technology reaches its peak, traditional funding gates are wide open, and on-chain chips are gradually locked - how will the spillover effect unfold? It will depend on who can seize that "global top flow story."