#数字资产市场动态 Ethereum is a bit quiet right now. Gas fees have dropped to 6gwei, hitting a four-year low, on-chain activity is basically dormant, and ETH prices are sluggish along with the broader market.

Why? It's the end of the year, and both institutional and retail investors are becoming cautious. DeFi trading volume has plummeted, NFT minting is almost nonexistent, and everyone is trying to lock in profits. As a result, on-chain demand has been squeezed out.

But this is not the end. The real game-changer is the Pectra upgrade in January—Ethereum is about to get serious this time. Eleven EIP proposals are being rolled out at once, including direct Blob capacity expansion, account abstraction optimization, and throughput improvements. User interaction thresholds will also be lowered—this is a genuine technological breakthrough. The market has already sensed this; the previous price surges were driven by expectations of the upgrade.

The current low Gas fees? They are actually paving the way for the ecosystem's recovery after the upgrade. Once transaction costs are this cheap, will funds start to stir? It’s hard to say they won’t.

But we need to stay clear-headed: there might still be some volatility before the upgrade. That’s the pattern. No one escapes the routine of "buy the expectation, sell the reality." The key is to keep an eye on the upgrade’s technical developments and large on-chain position signals. At this stage, it’s about waiting, watching, and holding. When the narrative truly takes hold and funds start flowing back in, that’s when the opportunity can be seized.