12/12 ⭐️ 小结 把这些渠道放在一起看,ETH的持仓已经形成一张分层的资金网络。 在比特币ETF带来千亿增量资金后,ETH的“持仓再分配”才刚刚开始。如果说过去 ETH 的估值逻辑是“技术 + 叙事”,那么未来更多是“资金 + 流动性”。 这样的格局,意味着ETH可能比任何时候都更接近“机构化资产”。
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ETH
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