ETH this big pump, the fundamentals haven't really changed, TVL hasn't increased significantly, GAS hasn't surged, developer activity is mediocre, and on-chain transactions haven't "returned to prosperity."
But institutions are buying, ETFs are being approved, narratives are being hyped, so prices are rising, but not due to on-chain prosperity, rather because of off-chain stories.
Understand this point clearly: short-term trading is driven by emotions, while long-term investing focuses on fundamentals. ETH is not without value; rather, the current rise is not value-driven.
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