The cyclical Fluctuation of the Crypto Assets market has always been the focus of investors. Looking back at 2021, the bull run of Bitcoin (BTC) can be regarded as a classic case, with its price rising from about $30,000 at the beginning of the year to nearly $70,000 at the end of the year, a historical high. Behind this surge, there were not only large-scale institutional funds getting on board but also multiple factors driving expectations for Spot ETF and loose macro Liquidity.

Currently, Ethereum (ETH) is exhibiting market characteristics similar to those of Bitcoin in its early days, sparking discussions in the industry about whether it can replicate this remarkable market performance. To gain a deeper understanding of Ethereum's market prospects, it is necessary to analyze from multiple dimensions, including market structure, network stability, price trends, and potential risks.

It is worth noting that the Ethereum market is gradually maturing, and the 'two-way layout' strategy of institutional funds is particularly evident. This strategy involves not only establishing long positions through the spot market but also utilizing derivatives tools such as futures and options for risk management and arbitrage operations. This is highly similar to the path taken by traditional finance (TradFi) institutions during the Bitcoin bull run in 2021, which shifted from 'exploratory entry' to 'full layout'.

According to a report released by blockchain data analysis company Glassnode in the second quarter of 2024, the cumulative inflow of funds has exceeded $18 billion since the approval of the Ethereum Spot ETF. Among them, over 55% of the funds are significantly linked to the growth of open contracts for Ethereum futures at the Chicago Mercantile Exchange (CME). This data reflects that, compared to the early 'one-way buy and rise' model dominated by individual investors, the current Ethereum market is evolving towards a more mature and diversified investment ecosystem.

However, despite Ethereum showing many positive signals, investors still need to cautiously assess its potential risks. The high Fluctuation of the Crypto Assets market, the uncertainty of the regulatory environment, and the challenges that may arise from technological upgrades are all factors that require close follow. In addition, changes in the macroeconomic situation may also have a significant impact on Ethereum's price trend.

Overall, the Ethereum market is at a critical stage of development. With increased institutional participation and optimized market structure, its long-term development prospects are promising. However, whether it can fully replicate Bitcoin's bull run in 2021 still needs time to verify. While investors focus on potential returns, they should also fully recognize the associated risks and adopt reasonable investment strategies.