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taishiro
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Net: accumulation and staking look constructive medium-term, but the combination of heavy monthly ETF redemptions, delayed scaling upgrades, thin L1 economics, and occasional DeFi security events justifies the pullback caution.
Near-term catalysts to watch remain ETF flow sustainability + clearer Glamsterdam timeline. Macro (FOMC) can still swing the whole complex either way.
taishiro
但每一次延迟都会延长L1手续费收入持续低迷的时间窗口（最近约为4100万美元），而L2以近乎零的结算成本捕获活动，竞争对手也在不断蚕食RWA份额。
Swell疑似热钥匙泄露（通过恶意升级可能暴露约2513 ETH+无担保利率上调）再次提醒我们，尽管更广泛的质押基础在增长，流动质押/再质押的操作风险依然真实存在。
$ETH
