#以太坊生态发展 Bullish publicly, bearish privately—this kind of contradiction isn't uncommon in traditional finance, but doing it under the transparency expectations of crypto markets really deserves scrutiny.

From an on-chain data perspective, this kind of discrepancy best reflects the current real dilemma of the Ethereum ecosystem: disconnect between narrative and fundamentals. Public bullishness typically serves brand maintenance and fundraising needs, while internal bearishness is closer to genuine risk exposure assessments. The key question is—what's the logic chain in the internal report? Is it skepticism about ETH's fundamentals themselves, a downward adjustment of ecosystem growth expectations, or pure short-term risk avoidance?

If we can subsequently track this team's own on-chain movements—wallet transfers, derivatives positions, capital flows—then we can judge the real weight of this bearish stance. Public statements alone aren't sufficient basis for decision-making. Currently, the Ethereum ecosystem narrative does appear overheated, but the baseline data performance still requires continued observation of on-chain interaction volume, staking flows, MEV ecosystem and other detailed indicators.