#以太坊行情解读 Don't rush to act, the market signals are quietly changing.

Recently, there are some things worth pondering. The cryptocurrency market in 2026 may be more imaginative than expected, with at least three trends worth paying attention to.

Let's talk about the technology aspect first. The Ethereum Foundation has gathered 47 top researchers to conduct an in-depth exploration in the area of privacy, aiming for 2026. This is not just a simple functional patch, but a desire to reshape the ecosystem from the underlying logic. Do you remember how outrageous the price increases of those assets were during the last wave of privacy protocol hype? The story may repeat itself.

Looking at the macro environment again. The Federal Reserve's actions to cut interest rates are becoming increasingly certain, and UBS's research team believes there is still a possibility of rate cuts in Q1 2026. What does this mean? A large amount of traditional capital is waiting off the market, and the most convenient path for them to enter the crypto market—Bitcoin and Ethereum spot ETFs—is gradually absorbing the circulating supply. The spot ETFs in the United States alone have already accumulated over 5% of the circulating Ethereum, and these "compliant institutions" are basically only buying and not selling.

The third variable is the pressure of the market itself. On one side, funds are continuously flowing in, while on the other side, tradable assets are continuously shrinking. Over 30% of ETH is locked in staking protocols and cannot be moved, and the spot reserves on exchanges have also fallen to multi-year lows. A situation of more money than coins is forming, and the result is likely to be that the magnitude of price adjustments will exceed expectations.

While most people are still focused on mainstream coins, keen participants are already looking for the next narrative breakthrough. Every collision of technological innovation and ample liquidity has birthed large-scale opportunities. This time, will the wind point towards the long-ignored tracks, or towards those directions that have been repeatedly validated by global attention? Perhaps the answer lies in the various corners that are about to be impacted by liquidity shocks. Do you want to stand by and watch, or position yourself in advance?