ETH fundamentals remain strong. However, since the major crash on 10/11, market liquidity has dropped significantly, with derivatives markets now dominating over spot. The current volatility is well within normal range, especially as we approach the four-year cycle resonance and the Christmas season. For spot investors, it's not always about buying at the lowest price—it’s about finding the right entry for long-term growth. From a mid-to-long-term perspective, especially as we enter a new era of on-chain finance, ETH remains the core investment asset, with WLFI and similar tokens as key allocations. Our investment thesis and data-driven logic remain unchanged from previous research reports.