Before ETH breaks $10,000, Ethereum is like a rough gem to me. As for when it will reach that point, it's unclear. Only after that can we officially enter the value discovery phase, and ETH still has enough time for one more round of full game theory. After that, the controversies surrounding it will diminish.

One day you will understand that in this world, no one needs you to surpass them, to be jealous of them, or to envy them.

Seeing Arthur Hayes' predictions, is there a deviation from his true position? It's unclear. Everyone can ponder it carefully. In any case, you should have your own rhythm, not anyone else's.

Sometimes it's just that the water in the cup is too full, making it hard to see clearly.

In the past day, the net inflow of ETH ETFs exceeded 140,000 ETH, worth over $500 million. The first phase is far from over.

A couple of days ago, someone mentioned that the recent price increase on Ethereum was still quiet on-chain, based on gas fees. At the time, I didn't think much of it and almost got led astray. Let's take a look; in fact, the real usage on the Ethereum chain is increasing. Let's examine the trend of Ethereum transaction counts and the total daily gas usage; this is an indicator of the real on-chain activity. The reason gas fees are not as high as during previous peak periods is due to scaling. For example, a road that used to be two lanes is now five lanes, so there’s no congestion, and gas fees have naturally decreased. Therefore, total transaction counts and total gas consumption are better indicators of activity levels. First, let's look at the trend of daily transaction counts. According to data from 2025, Ethereum's daily transaction counts show a significant upward trend. The average daily transaction count in 2024 increased from just over 1 million to about 1.1 million, and in the first quarter of 2025, it grew to around 1.5-1.6 million; recently, the transaction volume has become even more active, for example, exceeding 1.6 million on July 21. Overall, the transaction counts on Ethereum in 2025 have increased by about 40-50% compared to 2024. The on-chain transaction volume is not quiet. Next, let's take another look at the trend of daily gas usage on Ethereum. In 2025, Ethereum's daily gas usage also shows a steady upward trend, reflecting an increase in network throughput. From around 10-11 billion gas during the same period in 2024, it has grown to an average of over 13 billion gas in July 2025, an increase of over 35% year-on-year. Although gas fees have generally decreased (due to factors like scaling), the growth trend in total daily gas usage indicates an increase in real network demand and usage. So, we need to change the stereotype: the on-chain activity during this price increase is still quiet. This is not the case; the truth is that on-chain transaction activity is increasing.

"The Online Wall Street Trilogy": First, seize ETH to gain a voice in the new crypto financial infrastructure; second, actively promote asset tokenization onto the Ethereum ecosystem (L1/L2); finally, engage in activities within the Ethereum ecosystem to drive traditional finance towards new crypto finance, transitioning from offline Wall Street to online Wall Street. Let's see how it evolves over the next five years.

I used to think that the cognitive differences between people were not significant, but later I discovered that the diversity of cognition far exceeds imagination. There is no superiority or inferiority here, nor right or wrong, because in the end, everyone (whether right or wrong) has to pay for their own cognition.

If this recent surge is not driven by on-chain activity, but rather by institutions grabbing positions, then there are two points to consider: First, if ETH continues to rise, similar to BTC, the number of retail holders will decrease, and a large amount of chips will enter the hands of institutions or whales. Second, this indicates that the market has not yet truly experienced FOMO and is still in a half-hearted state. Once FOMO kicks in, even if on-chain activity does not far exceed the last cycle, it will reach levels similar to the previous cycle. Therefore, the upcoming period is still worth paying attention to, regardless of which direction it develops, it will be one of the most exciting times of the year.

The price of ETH has risen, seemingly awakening the NFT market as Ethereum's NFT trading volume exceeded $75 million in the past week, a 300% increase compared to two weeks ago. What impact will this have on NFT trading platforms, such as Blur?