Recently, the market feels a bit different, like someone secretly replaced the engine's fuel tank.

Setting aside the old cliché of "the end of tapering," there are two things that may be quietly opening new avenues—one is a revolution in the underlying technology, and the other involves a loosening of funding channels.

**On the technology side: Ethereum "Fusaka" is not just superficial work**

This upgrade has two killer features:

First, the gas limit has skyrocketed. You can think of it as the mainnet highway suddenly widening several lanes, with the base capacity being fully utilized.

The second is the launch of PeerDAS. This thing has a bit of black technology – it specializes in optimizing data availability sampling. In simpler terms, it significantly boosts the data processing and verification speed for Layer 2 solutions like Arbitrum and OP. The end result? Lower user fees, faster transactions, and an incredibly smooth experience. This is not just a simple technological iteration; it is laying the groundwork for a major explosion of ecological applications.

**On the other side of the funds: Traditional giants are starting to "turn around"**

The more explosive news comes from the deep waters of traditional finance.

Global asset management giant Vanguard ( is reportedly preparing its custody division to support spot Bitcoin ETFs. Although the retail side still appears conservative, this internal move speaks volumes — traditional asset management institutions, which are large in size and stable in style, are opening the door wider to cryptocurrencies.

BlackRock and Fidelity have long made their intentions clear, but now more "quiet giants" are starting to prepare their access plans, which is the real undercurrent worth pondering.

When the core public chains become stronger and more user-friendly, while the most conservative traditional funds begin to explore ways to connect — the resonance of these two forces may be the real main narrative of the next cycle.

The market always accumulates energy during quiet times. While most people are still jumping around on short-term candlesticks, deep changes in infrastructure and funding channels may have already set the stage for the next act.

Which force do you think will become the main driving force next? Is it the explosive growth of applications brought by the Layer 2 ecosystem, or the continuous expansion of funding channels in the traditional world?

Let's discuss your views in the comments section 👇