Ethereum has closed down for three consecutive quarters, setting a record for the first time in history. This is not only a result of tightening macro liquidity, but also a reflection of Ethereum entering a narrative gap period. The Federal Reserve maintains high interest rates, and the limited incremental funds in the market continue to flow into more profitable assets such as AI and the US stock market; The spot Ethereum ETF has experienced net outflows of funds for several consecutive days, while institutional funds are still withdrawing, leading to sustained overall pressure on cryptocurrency. On the other hand, Ethereum has not presented a new narrative that can truly drive a new bull market in recent years. The previous bull market had DeFi, NFT, and GameFi, each of which attracted a large amount of funds and users. But now, whether it's Layer2 (reverse blood sucking), Restaking, or RWA, they haven't formed the wealth effect that DeFi and NFT did back then. Without new stories, it's difficult to attract new capital, and without new capital prices, it's naturally difficult to break out of the trend market. Macro determines whether funds will enter the market, while narrative determines what funds will buy after entering. When liquidity does not improve and Ethereum lacks a sufficiently attractive new narrative, it is indeed difficult for ETH to regain its independent market. Of course, no one knows where the bottom is, but history has proven time and time again that when liquidity and emotions both plummet to freezing points, it is often the time when long-term allocation is most cost-effective. ethereum:native