ETH has been sluggish for a long time, so let's give everyone a psychological massage.

One reason for the long-term slump of ETH is that it is currently in the process of changing hands, with major financial institutions on Wall Street becoming the new players and gradually taking over the chips from the previous wild players.

We can also verify this from the data: in the past year, the market share of the top 100 holding addresses has been rising, reaching 66% currently, especially after the approval of ETH ETF listing, there has been a significant increase.

This indicates that the concentration of ETH is actually increasing. Top Address has been buying, but the ETH price has not risen, what does this mean?

On the one hand, it indicates that the market maker has been continuously accumulating; on the other hand, it indicates that there is a large amount of turnover in the market, not only retail investors losing their chips, but also these top market participants changing hands internally, that is, changing market makers.

It's worth noting that ETH and BTC are the only Tokens with ETFs, and ETH has a significant advantage over BTC: stake earnings.

Once the ETF starts stake, the subsequent income, or even restaking, will yield at least 3% annual risk-free returns in terms of coins, which is actually very attractive, especially compared to TradFi products.

This is the untapped potential of ETH, and also the potential maximum Favourable Information.

Traditional Financial Institutions will not miss out on this opportunity and have a strong desire and motivation to become the new players in the ETH market.

But ETH has already been the main narrative in two rounds of bull and bear cycles. There are naturally more long-term holders, and the chips are also more diversified. Therefore, the turnover time of these chips requires a longer period and needs to be fully Whipsaw.

Therefore, to suppress the price of ETH in the long term, the previous long-term holders need to lose their chips, such as switching to popular SOL, in order to concentrate the chips in the hands of the new institution.

Only when the new Accumulation is enough, will there be the motivation to push up the price of ETH.

This is a conspiracy.

Therefore, do not discard the valuable chips in your hand, namely BTC and ETH, to get through this long and painful Whipsaw, in order to achieve the long-term returns you truly desire.