After the Bull Market pullback phase in the past few days, the price of ETH once again reached $3,900. Looking back on the development of ETH this year, there are many complex factors and emotions. On the one hand, the successful completion of the Cancun upgrade and the official approval of Spot ETF have brought new outlooks in terms of technology and fundamentals in the Bull Market. On the other hand, while BTC, SOL, and BNB have successively reached new all-time highs, the price of ETH is still hovering around $4,000. The price trend chart of ETH this year can be seen from the chart that ETH has gone through three main stages, and the pumps in these three stages correspond to different reasons. At the beginning of the year, with the approval of BTC Spot ETF, the price of ETH followed market sentiment and once surpassed $4,100, but it also began to decline at the end of March along with the overall market. Furthermore, due to the strong surge in SOL and its ecosystem, there has been a significant outflow of liquidity from the ETH ecosystem.

In May, the approval of the ETH Spot ETF led to a brief pump in price, but its demand was not as strong as Bitcoin's. The initial market reaction to the launch of the ETH ETF was negative, as speculative investors who bought Grayscale's ETH Trust and expected it to convert to an ETF took profits, resulting in a $1 billion outflow of funds and downward pressure on the price of ETH. Additionally, ETH's narrative as a technology innovation product is less appealing to the traditional market compared to BTC's 'digital gold,' and the SEC's prohibition of ETH Spot ETF's involvement in staking functions objectively weakens its attractiveness.