Macroeconomic factors are affecting the cryptocurrency, stock, and commodity markets, as the pace of interest rate cuts next year may not be as fast as expected. In the short term, prices may be significantly influenced by these factors.

However, the holdings of Ethereum accumulation addresses have surged since August, accounting for 16% (19.4 million ETH) of the total supply of 120 million ETH. This ratio has increased by 60% from 10% to 16% from August to December, an unprecedented increase in previous cycles.

This reflects expectations of reduced regulatory risks in DeFi under Trump’s pro-cryptocurrency policy after his election. "Smart money" may be accumulating strongly regardless of prices.

The average realized price is $2.15k, and history shows that prices rarely drop below this level. Although there is a possibility of short-term correction, the long-term growth potential remains high due to increased accumulation.