#以太坊价格走势 Reviewing the recent trend of Ethereum inevitably brings to mind those ups and downs of the past. Market sentiment is clearly divided; some question the lack of a get-rich-quick effect, while others point out that the increase from $20,000 to $120,000 is already considerable. Looking closely at the data, Bitcoin inflow on the trading platform has increased, while Ethereum is seeing outflows, and this change in capital flow is quite intriguing.

Historically, each bull market has its unique characteristics. Behind the current surge, there seems to be clearer driving factors rather than just emotional pushes. The passage of the "GENIUS Act" provides a regulatory foundation for institutional entry, and JPMorgan's launch of the JPMD project on Base is a signal. These new regulations are likely to bring more on-chain activities, mainly through Ethereum and its Layer 2.

However, we also need to remain rational. The market may have overestimated the speed of the impact of these changes, after all, the implementation of new measures takes time. In the short term, the accumulation of reserves by the Ethereum treasury company may support the price, but in the long run, this is not a fundamental driver. If the economy continues to decline and companies choose to liquidate assets, it may also bring risks.

Overall, Ethereum is currently showing strong momentum, with ETF/ETP inflows far exceeding those of Bitcoin, which is a positive signal. However, we must remember that the market always moves in a spiral pattern. While we are delighted, we must also remain vigilant for potential pullbacks. After all, history always repeats itself in new ways.