After the launch of the ethereum:native ETF, it lost the most valuable speculative premium of crypto assets.

As a result, for a long period, Ethereum fell into an extremely awkward narrative vacuum,
In terms of macro and safe-haven attributes, funds would prefer BTC first. Pure digital gold, backed by sovereign countries and top institutions.
Returning to ETH's original speculative market, its current niche has been completely occupied by latecomers like Solana Hype.
Now, ETH's greatest imagination is pinned on the so-called staking-based ETF.
This is also the fundamental misunderstanding between crypto players and traditional institutions: traditional institutions allocate crypto assets mainly for their high elasticity as high-tech growth stocks. If they want to collect rent, they can invest in other more stable assets.
Risk-free US Treasury bonds now offer a 5% interest rate, even higher than ETH's staking yield.
And the so-called future Web3 application explosion, the narrative of the decentralized world's universal computer, can no longer be sustained.
For ETH to reverse the trend, it must first solve a problem: besides stacking on-chain puzzles and waiting for Wall Street to give out candy,
what truly irreplaceable practical value can Ethereum create for this world?