Have you noticed that Ethereum is truly being "absorbed" by the financial system?

The latest on-chain data is quite interesting: the amount of ETH deposited into Aave on the Ethereum mainnet has just surpassed 3 million, hitting a new all-time high, and is continuously approaching 4 million. This isn't just simple user deposits; behind it is a complete systemic cycle.

**First Link: Demand Shifting from Virtual to Real**

ETH is no longer just a speculative tool held by traders. When it enters lending protocols like Aave as collateral, it becomes a genuine "means of production." The financial system needs it to operate, and that is the essence of the demand.

**Second Link: Assets Generate Value**

What does more ETH locked mean? It means Aave can leverage a larger scale of lending. The bigger the scale, the higher the interest income, and the healthier the protocol's cash flow. ETH and Aave form a positive feedback loop: more ETH → larger lending scale → higher returns → more people willing to deposit.

**Third Link: Invisible Contraction on the Supply Side**

This is the most subtle point. As more ETH is locked in the DeFi ecosystem for daily "work," the circulating ETH that can be sold at any time is continuously decreasing. But demand hasn't disappeared; it is actually growing. This change on the supply side won't push prices up overnight, but it is quietly rewriting the underlying logic of the market.

**What does a real bull market look like?**

You will find that assets start being continuously utilized rather than hoarded. They no longer lie in trading accounts waiting to be dumped but generate cash flow and create value across various corners of the chain. This transformation often occurs before prices move, serving as a typical signal of long-term capital entering the market. The true market turning point has never been announced by loud voices in the square but is gradually built up through the real flow and real cash flow accumulation of assets in the underlying system.