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.