#通货膨胀与物价 Seeing the latest data is quite exciting—ETH burns over 1500 tokens in a single day, accounting for 98% of Blob fees, indicating that the thriving L2 ecosystem is feeding back into the mainnet. More importantly, the consensus on Wall Street is becoming clearer; tokenization of US debt and on-chain asset migration are no longer just concepts but are being actively driven by policy.

From a technical perspective, leverage speculation has dropped to a historic low of 4%, with only 10% of CEX reserves remaining. What does this extremely cleaned-up situation usually imply? The bears are almost out of ammunition. During a rate cut cycle, funds rotate from BTC into assets with practical value, and this logic is quite straightforward.

Under inflationary pressure, asset allocation anxiety is intensifying, and traditional investors are starting to seriously consider on-chain assets. Signals of institutional deployment are becoming increasingly obvious. The current entry cost is completely different from six months ago, and the opportunity nature has changed. Comparing to historical cycles, the allocation value at this point in time is indeed worth paying attention to.