What is the catalyst for ETH this time?

At present, the catalyst for ETH is still a bit vague. Initially, it was thought that it would function like Solana, providing a 'casino-like' feature to attract users and developers, but now it seems that this possibility is not great, as Solana has a clear advantage in this area, and it won't be easy for ETH to take this path.

As for the kind of DeFi boom we saw in 2021, we haven't seen a similar explosive market now.

Therefore, I think the most likely catalyst at this moment is the expectations and realization of a stakable ETF, especially before Solana's ETF is approved; this storyline seems more plausible.

If there can be more institutional recognition to reach the level of BTC, even just half of it, that would be a huge positive for the fundamentals of ETH. Once institutional recognition increases, the value support for ETH will be stronger, and the market demand for it will also significantly rise.