The key to 2026 lies in execution. Ethereum needs to convert the capital flow brought by ETFs into tangible on-chain activities—more fees, more users, more long-term applications. Currently, Ethereum's scalability expansion is indeed progressing, and staking as an internal value deposition mechanism remains strong, while ETH, as the most valuable collateral in DeFi, is accumulating increasing demand. Once this cycle forms a positive feedback loop, growth will reinforce itself.