#加密货币ETF监管与发展 Looking back at the history of the Crypto Assets market, I have witnessed many magnificent cycles of rise and fall. Now, Ethereum is once again standing at the threshold of 4000 USD, which inevitably reminds me of the glorious moments of 2021. Standard Chartered's analysis shows that institutional investors are significantly buying ETH, which reminds me of the situation when the Bitcoin ETF was approved back then.

However, history is always surprisingly similar. The current open interest of ETH perpetual contracts is close to a one-year high, and the funding rates generally exceed 15%. This overheating signal makes me alert. I have witnessed how many times a crash follows the frenzy! QCP's report also points out that some large holders have begun to take profits, and the market expects a pullback pressure around the $4000 mark.

However, unlike in the past, today's crypto market is more mature. The continuous entry of institutional investors, especially through alternative channels such as listed companies, has provided more stable support for the market. The booming development of DeFi applications has also brought substantial demand for ETH.

Looking at the development history of Crypto Assets, each major breakthrough has been accompanied by regulatory follow-up and market adjustments. The current trend of ETH may just be the beginning of a new round of regulatory and developmental games. For those who have experienced multiple bull and bear markets, maintaining rationality and managing risks is the key to success. After all, in this ever-changing market, excessive optimism is often the biggest risk.