This year, Ethereum's market has experienced some interesting shifts. The price remains steadily above $3,200, and changes in the staking market are signaling several key developments.

First, let's look at the supply and demand side. The number of people wanting to withdraw staked ETH is decreasing, with the queue shrinking to 80,000 ETH. Conversely, the number of ETH waiting to be staked is surging, reaching over one million ETH. The total amount of staked ETH has reached 35.5 million, accounting for 29% of the circulating supply. What does this indicate? Selling pressure has been largely absorbed, and a large amount of capital is actively bottom-fishing.

Institutional actions are even more aggressive. Major players like BitMine have staked over 590,000 ETH in just the past 8 days. Traditional financial institutions such as BlackRock are continuously increasing their holdings through ETH ETFs, with daily net inflows reaching $1.74 billion this year. How do these institutions view ETH? As a foundational infrastructure asset for stable income. In other words, they see this as a long-term asset allocation.

Progress on the technical front is also beginning to materialize. Vitalik recently announced that Ethereum has overcome major blockchain challenges through PeerDAS and zkEVM technologies. Layer 2 transaction fees are expected to decrease by another 40% to 90%. Think about what this means—significantly lowering on-chain application costs and directly enhancing user experience.

Coupled with the trillion-dollar opportunity for RWA (Real-World Assets) market expansion, Ethereum has already captured 65.5% of the tokenized asset market share. The process of compliance and ecosystem application deployment is creating a positive feedback loop, one after another.

Multiple favorable factors are stacking up, gradually transforming Ethereum from a follower to a leader in the bull market. This momentum is worth paying close attention to.