⚡ Hey,朋友们,最近 ETH 的强势拉升,仍然仍然最反应是联想技术好好, set your sights on Pectra 升级。

But to be honest, Pectra is more like a logistical patch for the Cancun upgrade. From EIP-7044 to 6789, it is more about improving the stability and efficiency of the chain, belonging to lower-level optimizations, and is unlikely to become the core trigger for a market sentiment explosion.

👇👇👇

一、 Pectra 升级的Locating:技术沉淀而不是市场catalytic 剂

The Pectra upgrade is another important update following the Dencun upgrade in March 2024, combining two hard forks: Prague (execution layer) and Electra (consensus layer), with a total of 11 patches (EIPs) focused on technical accumulation.

Key proposals 4 (EIP-7044 / 7524 / 7697 / 6789):

● EIP-7044 (State Management Upgrade): This involves managing state expiration, which can be simply understood as allowing Ethereum to periodically clean up historical data to avoid state bloat that slows down the network.

● EIP-7524 (Fuel Model Restructuring): Optimize the current gas model to prepare for a more flexible and cost-effective dynamic gas in the future.

● EIP-7697 + EIP-6789(交易管道与难度调整):共同构成网络稳定性增强方案。

This time, Pectra is not about creating new stories, but rather about laying a more solid foundation. It paves the way for Verkle Trees and stateless clients, which tech people will find appealing, but the market sentiment is basically indifferent.

Simply put, Ethereum continues to quietly build roads, and there's no need to rush for a narrative; the less noticeable the upgrade, the more solid the value.

Second, the imbalance of the market: Ethereum was overwhelmed by the FUD

过去几个月,以太坊确实承受了来自市场的集中火力式质疑(FUD),这些负面情绪放大了它的短期问题:

Layer2 liquidity dispersion is interpreted as a signal of ecological division. The technical route has also been compared to Solana, suggesting that it is lagging behind.

还有各种新叙事,Restaking、模块化、零知识证明(zk)啥的,说得多,landing 少,价值没体现出来。

The pile of sound made the confidence of Ethereum in the market once low to the bottom. But its palace, the matter is so bad, Ethereum's foundation is quite hard.

The total value locked (TVL) in DeFi remains stable at 119 billion USD, indicating that ecosystem funds have not experienced a massive outflow. The Cancun upgrade has helped reduce Layer 2 costs, and user and developer activity has rebounded.

Ethereum spot ETF funds continue to flow in, and institutions are quite optimistic about its long-term potential; new narratives like RWA (Real World Asset Tokenization) and PayFi (Payment Finance) are mostly blossoming within the Ethereum ecosystem, and the potential is still substantial.

To put it simply, it's a case of market sentiment misjudgment; Ethereum isn't that bad, and there are quite a few opportunities. Don't be blinded by FUD.

3. Institutional Bottom Fishing: The True Driver of Price Increase

Behind the price increase, the flow of funds provides more intuitive evidence. Recent on-chain data and market dynamics show that institutions have great confidence in Ethereum.

Abraxas Capital's massive purchase of 242,652 ETH (approximately 561 million USD) demonstrates a strong confidence in the long-term value of Ethereum.

5 月 9 日至 14 日期间,单笔超 100 万美元的 ETH 转账显此增加,说明大户和机构都在趁低加仓。

The data from on-chain analytics platforms like Nansen and Glassnode shows that there is a noticeable increase in ETH in institutional wallets.

These signs indicate that institutions are quietly picking up chips at the bottom while market sentiment is low and FUD is rampant. For ordinary investors, following the institutions is generally a safe bet, as their actions often serve as a barometer for market trends. When the market starts to rise, the probability is quite high. What do you think?

The recent strong rise of Ethereum is not closely related to the Pectra upgrade, but more to the market's value correction. The previous FUD was too frightening; smart money has seen through these emotional fluctuations and took the opportunity to buy in at low prices while everyone was panicking. The fundamentals are actually quite stable, and now is just the right time to re-evaluate Ethereum.