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It seems like it's been a long time since I talked about ETH. This round, I only bought BTC, not ETH, but that doesn't mean I'm bearish on it. On the contrary, so far ETH remains the mainstream asset with the strongest consensus after BTC. This is not just my opinion; ETH investors have proven it through their actions. Currently, ETH's price ($1,900) has retraced -60% from its peak, which is much less than the -80% in the previous cycle. However, the holdings of conviction buyers have reached as high as 31.42 million tokens, far exceeding the 19.5 million tokens at the bottom of the last bear market, and it's also the highest in history. This shows that no matter how many people spread FUD or even harshly criticize it as trash on X, it doesn't affect those steadfast investors who continue to accumulate ETH during price declines. Meanwhile, the total amount of tokens held by loss sellers and profit takers is significantly lower than at the bottoms of the previous two cycles. Whether they are willing to sell more or not, there aren't many tokens left to sell, and most tokens are not involved in turnover. Finally, there is a peculiar phenomenon we cannot ignore: the Herfindahl index of ETH has already surpassed the level at its inception in early 2015. This indicates that ETH's token concentration is increasing, with certain large account clusters monopolizing a large portion of the supply. This phenomenon started in November 2024; before that, ETH had spent 9 years on a path of decentralized token distribution, but now it has reversed and surpassed that concentration in just 2 years