ETH's changes are happening more in the "invisible" areas

If you only look at the price, recent ETH movements might not seem very dramatic; but when shifting the perspective to on-chain + ETF + DeFi capital flows, the structure is actually quite clear.

First, on-chain. Data shows that the number of cumulative Ethereum wallets continues to rise, and these addresses share only one characteristic: once bought, they do not move. During sideways price movement, ETH is being continuously transferred into low-liquidity addresses, which in itself indicates that circulating supply is tightening.

Next, ETH Spot ETF. The capital inflow pace is not aggressive, but it is stable. The significance of ETFs has never been about short-term price spikes, but about integrating ETH into a longer-term allocation framework. As long as capital does not continuously flow out, this acts as a slow-moving variable on the spot supply side.

Finally, cross-chain DeFi. Recently, the TVL of ETH-related bridges and cross-chain protocols has not shown a significant decline, indicating that funds are not leaving the ecosystem but are instead rotating internally and waiting for certainty. Cooling activity does not equal capital fleeing; this is a common misinterpretation.

Overall, ETH now is more like:
Prices are consolidating, chips are concentrating, and capital is waiting.
This is not an emotion-driven phase, but a period where structural changes are slowly unfolding.