$ETH

WIFL Trump Family Holdings, as we are about to enter 2025, prices are already significantly higher than they were not long ago. With the U.S. leading the way in creating crypto-friendly policies and regulations, the industry is filled with hope for a new pro-crypto world. Considering the local peak we experienced in December, I believe the bull market will continue in a similar manner, with some assets performing exceptionally while others lag behind. For the next quarter, I believe the biggest beneficiary will be ETH. The reasons are as follows: 1. 10 IQ Price Fractal: BTC has risen 40% from its previous high, while ETH is 30% below its previous high. While this may not mean much, both assets have ETF products, making it easy for the public to believe ETH is cheaper than BTC (thus having more room for upward movement); 2. Trump’s pro-crypto government: This has always been most favorable for utility/smart contract-related assets. We have already seen some DeFi assets (AAVE/UNI) perform well in anticipation of this, but the asset that benefits the most is undoubtedly ETH. Trump's WLF has not done anything on Solana but has been continuously acquiring Ethereum-based assets, and I believe this will continue; 3. Base Ecosystem Development: Among all L2s on Ethereum, Base is the most prominent chain this year. With Coinbase's native distribution channels and AI agent-led organic development, the value proposition offered by Base is very similar to that of Solana and can undoubtedly be classified as a competitor. This creates natural demand for ETH as a base asset (since Base itself does not have its own token) and provides positive liquidity as ecosystem activity increases. I expect ETH to break $4000 as early as January next year and possibly reach an all-time high sometime in the first quarter. Furthermore, I believe the three verticals that will continue to perform well are: 1. AI Agents; 2. Utility Fee Generating Tokens; 3. Potential ETF Cryptocurrencies. In terms of cycle peaks, I suspect that much of 2025 will resemble 2023 or 2024, with some capital or re-rating followed by significant PvP reductions. Ultimately, one of these rebounds will become a global peak, but I believe we are not close to that high yet.