#以太坊生态发展 On-chain data is very interesting. The entire year's gains have been wiped out, and the underlying logic needs to be examined carefully.

Since the inflection point in mid-October, the $19 billion liquidation has set a record, which is not just a simple technical adjustment. The tariff conflicts triggered a systemic sell-off of risk assets, with high-leverage positions being cleaned out en masse, leading to a chain reaction. Ethereum's 40% drop in one month essentially reflects liquidity exhaustion rather than a deterioration in fundamentals.

When Bitcoin fell below $81,000 in November, I was tracking whale wallet movements—institutions did not significantly withdraw; rather, the panic selling pressure was caused by retail leverage liquidations. Currently, the $90,000 fluctuation range, based on on-chain fund flows, shows large addresses are slowly accumulating, which is a typical bottoming feature.

The macro environment is indeed tightening, but the judgment that the "gray zone is moving towards mainstream finance" cannot be ignored. The statements from BlackRock and Coinbase behind the scenes reflect real capital allocation actions. This correction feels more like a reasonable adjustment within a four-year cycle rather than a winter.

The key is to observe the subsequent pace of institutional capital entering the market and the recovery of on-chain activity in the Ethereum ecosystem.