ETH drops below 2000, staking yields no returns, ETFs are still flowing out—how will this game be won?

Against the backdrop of declining risk appetite, Ethereum fell below $2,000, with nearly an 8% drop over the past week and a more than 5% decline in the last 24 hours. Thielen stated that staking is unattractive due to no yield and rising bond markets, leading investors to exit. Open interest in futures reached a record high of approximately 16.39 million coins, with a nominal value of about $32.5 billion, but the CVD is negative, and spot prices continue to decline, indicating net selling. US-listed spot ETFs saw net outflows of about $401 million this month. An increasing number of foundation executives are resigning, possibly reflecting that the original vision is difficult to attract followers.