As the "king of cottages" and the overlord of public chains in the crypto market, ETH has shown certain stagflation characteristics in this round of bull market, but in the long run, its potential should not be underestimated. The following is based on the core logic you mentioned, and I further interpret the possibility and potential of ETH's future surge:

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Core point 1: ETH's ecological status and capital depth

As the cornerstone of DeFi, NFT, stablecoins and RWA (real asset tokenization), ETH's irreplaceability is the root of its long-term value. Although emerging public chains such as Solana, Avalanche, and Sui have demonstrated competitiveness, ETH's network effect and first-mover advantage allow it to maintain its core position in the public chain ecosystem.

Key factors:

Whales and institutions are deeply involved:

The funds and calculations of the Ethereum ecosystem have been ambushed in advance, which means that whether it is the layout of whales or Wall Street, ETH is at the forefront of the benefits.

For long-term funds, ETH is the infrastructure for building DeFi, Web3 business, and stablecoin settlement, and it is difficult to be replaced.

ETF spot leadership:

BTC and ETH are the only approved spot ETF objects at present, and their recognition in the traditional financial world is rapidly increasing. ETH has become a long-term target favored by institutions because of its wide range of ecological application scenarios.

Technology and network effects:

Whether it is the deflationary effect brought by EIP-1559 or the gradual improvement of the staking mechanism after the PoS transformation, ETH's underlying technology and economic model are unmatched among all public chains.

Core point 2: Policy potential of ETH ETF and staking income

Currently, ETH spot ETF has limited appeal due to policy restrictions on staking income. But this situation may be reversed with future policy adjustments.

Key logic:

Staking income releases liquidity:

Currently, ETH's annualized staking income is about 4%, which is a very attractive rate of return compared to traditional financial products.

Once the policy allows ETF customers to obtain staking income, ETH ETF will have the dual attraction of currency price increase dividends and interest income.

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