#以太坊生态发展 Publicly bullish, internally bearish—this kind of disconnect is not new in traditional finance, but under the transparency expectations of the crypto market, it’s definitely worth pondering.

From an on-chain data perspective, this type of divergence most accurately reflects the current real dilemma of the Ethereum ecosystem: a disconnect between narrative and fundamentals. Public bullish calls usually serve brand maintenance and fundraising needs, while internal bearishness is closer to a genuine risk exposure assessment. The key question is—what is the logical chain behind the internal reports? Is it a suspicion of ETH’s fundamental value, a downward revision of ecosystem growth expectations, or purely short-term risk avoidance?

Only if we can track the team’s on-chain movements—wallet transfers, derivatives positions, fund flows—can we determine the true weight of this bearish stance. Relying solely on public statements is insufficient for decision-making. Currently, the Ethereum ecosystem’s narrative is indeed overheating, but the core data still requires ongoing observation of on-chain interaction volume, staking flows, MEV ecosystem metrics, and other detailed indicators.