Ethereum's last bull run saw a 60x increase. This time, it only reached 6x at 10,000—too much? On-chain data tells you: not at all.

Exchange balances have hit an 8-year low, even lower than in 2016. 36 million tokens are staked and locked, with supply shrinking rapidly. Meanwhile, ETF funds continue to flow in, and institutions are quietly accumulating.
In the ecosystem, Ethereum still accounts for 60% of DeFi lock-up and 70% of stablecoin issuance, with developers far surpassing all competitors combined. In Wall Street valuation models, a 6x increase is just the starting line for growth stocks in a bull market.
But the hardest part isn’t seeing the logic; it’s holding onto your chips when the price drops 40% and the entire network doubts.
Remember: when others start shouting “ETH to the moon,” you might already be unable to buy. [Astronaut][Astronaut][Astronaut]