The hottest trend in this round is definitely re-staking. The essence of re-staking is to lock up ETH and reduce liquidity. It is not to use ETH as a benchmark unit to measure and price. Users' demand for ETH is greatly reduced.
The main function of Ethereum is the settlement layer. Now L2 is on the rise, and the functions of L2 and Ethereum are highly overlapped, resulting in many demands being diverted to L2, which weakens the burning volume of L2.
Macroeconomically, it is currently in a tightening cycle, with little market liquidity. Unlike ETH ETF and BTC ETF, ETH ETF has had a negative net inflow for more than a month, which is equivalent to the new and old whales of the entire ETH cashing out through ETF.
If ETH wants to rise, it must start from demand, allowing more new assets to be priced through ETH to expand user demand and liquidity.
Families holding ETH don't have to panic. ETH is the leader of altcoins anyway, so survive this period.
After the interest rate cut, more money will flow in. If traditional financial institutions of Web2 want to come in, they can only do so through ETFs, either by buying BTC or ETH.