#以太坊生态系统发展# Looking back at the development of Ethereum, I have witnessed countless waves of ups and downs. Now, seeing the views of on-chain data analyst Murphy, I can't help but feel emotional. The active get on board of new buyers and the steadfast belief of long-term holders remind me of the scenes from the 2017 bull run. But the current situation seems to be more complex.

The number of transactions is approaching historical highs, and large transfers are frequent, all of which are signals of a thriving ecosystem. However, 700,000 staked ETH are waiting to exit, which reminds me of the significant drop in 2018. History always repeats itself, yet there are always new changes.

What interests me the most is that most holders are not satisfied with the current price. Where does this confidence come from? Is it trust in the technology, or expectations for future application scenarios? Regardless, this attitude is reassuring.

Throughout the history of Ethereum, every major technological breakthrough or ecological expansion has been accompanied by a redistribution of chips. From early geeks to institutional investors, and now to the new wave of buyers, this process has never stopped. We may currently be at such a turning point.

But we cannot forget that the market is always full of uncertainties. Even if new buyers can absorb the current selling pressure, the road ahead is still long. For Ethereum, the real challenge is not the short-term price fluctuations, but whether it can continuously drive technological innovation and attract more real-world applications.

This ecosystem has come a long way, but in my opinion, the real journey has just begun.