Let's talk about the next trend of ETH Involving stablecoin funds A comprehensive summary of the impact of ETH ecological narrative, Pectra upgrade, spot ETF and ETF pledge, etc. The full text exceeds 2000 words and requires a lot of patience and understanding to read You can pull it to the bottom to see the conclusion. I believe that after reading it all, there will be insights into the market trends, ETH provides more comprehensive cognitive gains and mental stability. Thank you all. During the period of monetary tightening, and still shrinking the table, Trump embraced encryption, In the case of Bitcoin's main reserve, BTC is more favored by funds, ETH is weaker than funds and lacks sufficient favor, coupled with early shipments of low chip gray scale without strong narrative, so the rise is not enough. At the same time, after the main uptrend of 11-12 in the market, from Christmas to February, when the market is volatile, the sentiment is very fragile. In addition, when liquidity is low, any negative impact on BTC can cause a sharp decline, ETH is even less attractive. As the macro cycle progresses, The process of BTC ETH continuing to develop. Mainly explore and summarize the following factors and pay attention to them: 1. Stable coin funds: Firstly, let's talk about USDT. As shown in the chart, its market value is indeed climbing steadily, but the market effect of USDT is too strong. Currently, less than one-third of it is actually used in Crypto. The total market value of USDT is about 140 billion US dollars, and when BTC peaked at 69000 US dollars in 2021, the market value of USDT was about 72.5 billion US dollars, almost doubling. But if calculated by one-third, the current amount of funds is actually lower than the peak in 2021, about 46.7 billion US dollars, but BTC has risen by more than 50% compared to 69000. This is a market fact. Since BTC ETH was traded through CME futures in 2021, the main buying narrative and purchasing power have shifted towards the United States, from ETFs to elections, all based on the purchasing power of the US time zone. And American investors also use more USDC. Looking at USDC again, as shown in the chart, the total market value of USDC has not even exceeded the level of mid-2022. As can be seen from the graph, the market value of USDC only rose sharply as the US presidential election approached, But driven by election events, the new government embraces encryption, including Bitcoin strategic reserves The increasing market value of stablecoins is mainly centered around BTC, which has created the current market situation. Not to mention the current monetary tightening, the US dollar index is still high and shrinking, and investors' preferences are still conservative and cautious. We need to wait for the easing trend to become clearer