ETH stands at 2500, there are only three things. 1、 Trump's push for the CLARITY bill raises regulatory expectations. As soon as the news spread, BTC dried up to around 80000 and ETH followed suit. The policy has not yet been implemented, and the market should be speculated for a round first, which is an old trick. 2、 BlackRock scanned 11100 BTC+132800 ETH in two days, totaling $1.168 billion. ETH spot ETFs have seen continuous net inflows, with ETHA alone taking a large share. Institutions are not shouting orders, they are making real money. 3、 Circle+Tether minted 3 billion stablecoins in two days, with off exchange money coming in. The market value of USDT has exceeded 180 billion, and liquidity has returned. There are too many derivatives, and Giant Whale is withdrawing from the exchange, while Smart Money is hoarding. in a word: Expected bill+institutional inventory+stablecoin release=BTC reaches new high, ETH breaks through 2500. It's not the kind of nationwide carnival in 2021, it's a combination of policies and institutions re pricing. Being able to rise to this point is already considered face saving. Later on, we will discuss whether the proposal can be truly implemented and whether the inflow of ETFs can be sustained.