Written by: Frank, PANews
As ETH's price rebounded from a low of $1,385 to $2,700, with a 97.7% surge, a complex capital landscape is unfolding behind the scenes. Institutional funds remain cautious in the ETF market, while derivative contract positions have reached a historical peak of $32.2 billion. After a prolonged downturn, the market hopes to prove that Ethereum is still a value haven through this rebound, and the Pectra upgrade seems to provide arguments for this narrative. PANews, through a comprehensive data interpretation of Ethereum, attempts to outline the current state of Ethereum, revealing an Ethereum gradually emerging through value reconstruction.
Market and Funds: ETF Caution and Contract Enthusiasm
As of May 18, the total net asset value of US ETH ETFs reached $8.97 billion, accounting for 2.89% of Ethereum's total market value. Compared to Bitcoin ETF's 5.95%, this proportion remains low. Overall, it's clear that Bitcoin is still more popular in the ETF market.
... [rest of the text continues in the same manner]Overall, the recent significant price rebound of ETH seems more like the result of growing pains during its transformation period. On one hand, the Ethereum ecosystem is trying to optimize performance through continuous technical updates and upgrades, but these efforts appear to have been ineffective. On the other hand, it remains a concentrated area for large-scale funds and stablecoin trading, and major investors seem satisfied with the current quiet state of the chain.
Therefore, the rise and fall of a single indicator can no longer simply define the "good" or "bad" of Ethereum. The market may need to go beyond the previous growth narrative and re-examine and understand Ethereum's core role and long-term value in a multi-chain landscape. Rather than being obsessed with judging whether it is "rising" or "declining", it is better to recognize that after experiencing various noises and iterations, a more mature and "stable" Ethereum might be the inevitable direction and ultimate form of its evolution.
