Tonight, Tron will ring the opening bell at the Nasdaq exchange in Times Square, New York.

The overall investment and financing of crypto-native projects has not seen any significant improvement, and the industry's capital activity still comes from listed companies financing the purchase of mainstream cryptocurrencies.

ETH's takeoff is not only a confirmation of the trend, but also the starting point of the next stage.

The logic of copycat investment in the new cycle: follow the footsteps of institutions.

Stablecoin infrastructure service provider Zerohash is raising approximately $100 million with a valuation of nearly $1 billion; artificial intelligence laboratory Harmonic completed a $100 million Series B financing, becoming the largest single financing case this week.

He is called "E Lihua", but this is not a joke, it is a victory for ETH believers.

Policy boundaries are becoming clearer, institutional capital is flowing back, EF is self-correcting, on-chain data is diverging, and industry narratives are refocusing.

Judging from the current data, Strategy's short-term cash flow can still be "barely maintained".

A notable recent financing trend is that many centralized entities are supporting strategic cryptocurrency reserves through financing.

Survival is difficult, and the only way to regain market attention is with a solid income structure and clear financial actions.

“We say what EF dares not say and do what they are unwilling to do. We serve ETH holders because you deserve better.”

Why did politicians choose to embrace stablecoins this time?

Not an alternative, but a strategic choice.

This week's financing scale surged about 20 times compared with the previous week, mainly due to large financings such as Grove's $1 billion allocation and ProCap Financial's $750 million merger.

The first agreement in history that doesn’t chase hackers but instead harvests their profits first?