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It seems like it's been a long time since I mentioned ETH. This round I only bought BTC, not ETH, but that doesn't mean I'm bearish on it. In contrast, ETH remains the strongest mainstream consensus asset after BTC to date. This isn't what I'm saying—ETH investors have proven it through their actions. The current ETH price ($1,900) has retraced -60% from its peak, much smaller than the previous cycle's -80%. However, Conviction Buyers' open interest has reached 31.42 million coins, far surpassing the previous bear bottom of 19.5 million coins, marking a historic high. This shows that no matter how many people on X are fud or even harshly criticize it, it doesn't stop those steadfast investors from continuing to increase their ETH holdings when prices drop. At the same time, the total holdings held by loss sellers and profit takers were also significantly lower than during the bottom of the previous two cycles. Whether or not they are willing to continue selling, there are few chips left to sell, and most tokens do not participate in the turnover. Finally, there is a peculiar phenomenon we cannot ignore: ETH's Hfindhal index has surpassed its inception period in early 2015. This indicates that ETH token concentration is increasing, with certain large account clusters monopolizing supply. This phenomenon began in November 2024. Before that, ETH had followed a 9-year path of decentralized token dispersion, but now it took only 2 years to surpass it