Update/Many people have long since gotten off the Bitcoin train today, having exited in the range of Bitcoin (40,000, 60,000), and since then, they have had no Bitcoin. Now, those holding Bitcoin are unlikely to sell, and those without Bitcoin find it hard to buy. Today, in the range of Ethereum (4,000, 6,000), the situation resembles the past, and history may repeat itself. On the table of institutional investors and more corporate investment portfolios, Ethereum breaking its previous high will mark the beginning.

During this time, Joseph Lubin, who left Ethereum, has been battling alongside Vitalik Buterin in another way, echoing each other, as Ethereum seems to be entering a state of reboot.

Update/This is something to tell myself, don't take it personally. The crypto space is just like angel investing. Either go hard on BTC, or go hard on ETH, or go hard on SOL, or go hard on Doge, or go hard on UNI, or go hard on Ordi. The market always provides opportunities; you can always swap assets when the market is at its worst. The ones who truly make money in cryptocurrency are the long-term investors with unique insights and a strong risk appetite. Many people have a rebellious nature and may not seem smart at all. Conversely, if you always prefer to play guerrilla tactics, follow trends, and excel at short-term trading within a safe harbor, then you won't be happy during any significant asset price surge.

(Continuing) Of course, all of the above is thanks to the changes in the U.S. market over the past year. The liberation of Bitcoin/Ethereum ETFs from SEC regulation, the Genuies/Act bill in the crypto market, and the stablecoin market anchored to the U.S. dollar/U.S. Treasury bonds. Crypto is a native financial underlying technology, and since the inception of Satoshi Nakamoto's white paper, it has been a challenge to the old financial order, opposing past and even current regulations. Their relationship has been one of mutual destruction and hostility. Yet today, they are starting to come together as one family. Why is that? The answer is that if you have studied the history of the Roman world before and after Constantine the Great, it is not hard to understand.

Update/(continuing) Furthermore, Ethereum is the core of DeFi. Ethereum and DeFi are two sides of the same coin in cryptocurrency; neither can exist without the other. It can also be compared to the relationship between computers and the Internet over the past twenty years, as well as the Transformer architecture and LLM in today's generative algorithm world. Taking the stock market as an example, if we compare DeFi to the field of artificial intelligence applications, then based on the current situation, Ethereum can be likened to Nvidia. I have said this before, and I will say it again today: "The value of Ethereum will inevitably surpass that of Tesla."

Update/About Belief. I believe Bitcoin will surpass gold, but I don't believe Ethereum will surpass Bitcoin. Why? The answer is without reasoning. I believe Ethereum will surpass Tesla, and even Nvidia. This can be reasoned extensively. Is it possible for Solana (or perhaps another even more powerful public chain) to catch up to or even surpass Ethereum? It's not impossible. Why? Because "You can do it! Go for it!" Haha.

Update/About Beliefs. I believe Bitcoin will surpass gold, but I don't believe Ethereum will surpass Bitcoin. Why? The answer is without reasoning. I believe Ethereum will surpass Tesla, and even Nvidia. This can be reasoned extensively. Is it possible for Solana (or another chain) to catch up to or even surpass Ethereum? It's not impossible. Haha.

The update/encryption application is a revolution in the financial system, which was also Satoshi Nakamoto's original intention. Web 3.0 is a forced narrative encountered by the blockchain industry after realizing that this path is blocked by regulation. The increasingly clear fact today is that native crypto networks and credit platforms like Bitcoin, Ethereum, and DeFi are the infrastructure for stablecoins, leading to a structural transformation in banks and financial markets, which will inevitably drive the construction of the RWA market and asset tokenization.

The signals for the update/Ethereum fundamentals continue to rise, while the bearish sentiment is mostly narrow technical noise. The driving force behind Ethereum's rise is the stablecoin, which is poised to disrupt and transform the U.S. banking industry and eventually the global banking industry. Currently, more than half of the existing stablecoins operate on Ethereum. The influx of institutions and even public companies purchasing is merely a positive response to the essence of this market.

Updates/We cannot view the market sentiment of Bitcoin and Ethereum in isolation. Bitcoin is currently hovering around $120,000, with little volatility and no major sell-offs. This provides Ethereum with the space to continue rising after breaking through $4,000, with predictions suggesting it will at least head towards $5,000. Similarly, we cannot separate Ethereum from the entire crypto market. The autumn of cryptocurrency is expected to kick off, with DeFi, RWA, and star Memes entering a phase of takeoff.