Is it difficult for ETH prices to reach new highs after changing POS? The third question In my personal opinion, I do not believe that the change of ETH to POS is the core reason for the sluggish and abnormal performance of ETH prices, but it must be one of the important reasons Switching from PoW to POS theoretically can reduce the issuance of new ETH, lower the long-term inflation rate, and create a relatively short-term deflationary state But in reality, ETH still maintains inflation, and the new mechanism has not been able to bring sustained and effective deflation to the token Especially in the past two years, the significant decline in overall trading volume of Layer 2 has led to extremely low burning consumption of ETH. In addition, the annualized yield of ETH from POS staking and lock up is not high, and the subsequent staking rate is also decreasing. The market price performance is difficult to keep pace with Bitcoin, and selling pressure has also followed After changing POS, ETH also lost the support of many PoW miners. Sol, BNB, and other public chains have also diverted a lot of funds from ETH in the past two years, and this trend seems to be significantly expanding Another issue is that the market background has shifted from the past logic of retail investors' games to institutional dominance. Therefore, without a core narrative as the background, it is difficult for retail investors to promote the development of the altcoin market. It still depends on how institutions will lead the development of the altcoin market in the future, especially for ETH. The huge ecosystem not only brings basic necessities but also gradually becomes bloated! One move can move the whole body. I think besides institutions being able to lead the future trend of ETH prices, it is difficult for the market itself to drive its development direction through individual investors! As for whether ETH can continue to reach new highs, I think only the market knows. However, for ETH's current development, it is indeed difficult to go back to that primitive era. People's understanding of crypto is very limited, only knowing that blindly pushing token prices is the core value of ETH. But with the arrival of market compliance, the market is no longer dominated by individual investors, and pricing power has long been handed over to institutions.