WLFI has surged 50% against the market over the past few days. The rally is driven by growing optimism around the USD1 stablecoin narrative, continuous buybacks from the WLFI team, and a broader rebound in both crypto and US stocks. On the research side, ETH is seeing heavy short positions from major platforms and institutions. If ETH can weather this tough November, we could see a short squeeze play out. Compared to four years ago, ETH is now operating in a completely different environment—stablecoins, ETFs, DAT, and regulatory policies are all much more favorable. In this context, ETH looks seriously undervalued.