Ethereum:Native’s recent strength isn’t due to a sudden new narrative, but rather the simultaneous easing of several forces that previously suppressed it. First, ETF capital is beginning to flow back in. U.S. spot ETH ETFs ended eight consecutive weeks of net outflows and recorded a weekly net inflow. While this alone may not be enough to trigger a major rally, it at least signals that institutional selling pressure is easing and the market is shifting from “continuous retreat” to “re-evaluation.” Second, ETH had been falling for too long and too deeply. Over the past period, BTC absorbed most institutional capital, while SOL and new narratives captured retail attention, leaving ETH consistently underweighted. Now that BTC has entered a consolidation phase, capital naturally seeks undervalued assets with sufficient liquidity for catch-up gains—and ETH is the most suitable candidate. Third, the market is once again pricing in ETH’s underlying financial infrastructure value. Stablecoins, RWA, DeFi, and on-chain securitization remain heavily dependent on the Ethereum ecosystem. When regulatory expectations improve, ETH is more likely than a mere “public chain token” to receive institutional valuation. Thus, this rally resembles a confluence of weakening selling pressure, capital inflows, and underweight correction—but true trend reversal will depend on whether ETH/BTC can sustain its strength, not just benefit from a few days of catch-up.