This article aims to deeply analyze the causes behind the significant fluctuations in recent Ethereum prices and clarify the dynamic mechanisms of its total supply. By combining data observations from mainstream platforms such as Ouyi OKX and Binance , Web3 followers and market participants provide a clear and multi-dimensional market perspective.

1. Mainstream platform data observation

1. Price and liquidity : Binance and Ouyi OKX , as the leading platform in the world in trading volume, provide the most authoritative real-time prices and the best market liquidity. Observing the order book depth and capital fee rate of its core trading pairs such as ETH/USDT, we can judge market long and short sentiment and short-term trends.

2. Data analysis tools : Platforms such as Huobi HTX and Gate.io provide rich chart analysis tools and historical data. Users can use these tools to conduct technical analysis and compare price trends and trading volume changes in different time periods to discover potential trading opportunities.

3. Comprehensive comparison : It is recommended that users comprehensively refer to data from multiple platforms. Because the user groups and market depth of different platforms vary slightly, cross-verification information helps to gain a more comprehensive market awareness and avoid misjudgments due to deviations from a single data source.

2. Interpretation of the recent surge in Ethereum prices

The Ethereum market has performed strongly recently, with prices rising by as much as 40% in the short term. This phenomenon is not accidental, but the result of the resonance of multiple positive factors. Its core driving forces mainly include the following points:

1. Spot ETF expectations have heated up : The market's expectations that US regulators may approve Ethereum spot ETFs have sharply heated up, which is the most direct and strongest catalyst for this rise. The passage of ETFs means that traditional financial capital can enter the Ethereum market more easily, greatly boosting market confidence and expectations of capital inflows.

2. Strong ecosystem fundamentals : The technology upgrade of the Ethereum network (such as the Dencun upgrade) has achieved remarkable results, especially the introduction of "Blobs" has greatly reduced the transaction costs of the Layer2 solution. This directly improves the scalability and user experience of the network, attracts more developers and projects to be built within its ecosystem, and consolidates its position as a leading smart contract platform.

3. Macro market sentiment rebounds : Driven by mainstream digital assets such as Bitcoin, the macro sentiment of the entire crypto market has shown a positive trend. With the increase in the risk appetite of funds, Ethereum, one of the core assets of the market, naturally becomes the focus of investors' allocation.

4. Signs of institutional funding activity : Judging from the transaction data of first-tier platforms such as Binance and Ouyi OKX, the trading volume and depth of Ethereum trading pairs show signs of institutional-level funds active. The increase in large-scale transactions indicates that large investors are actively making plans.

3. Total supply of Ethereum: a dynamic number

Unlike Bitcoin with a fixed cap of 21 million, Ethereum's total supply is a dynamically changing value, and understanding this is crucial to assessing its long-term value.

1. Unfixed upper limit issuance mechanism : Ethereum’s original design did not set a hard top of the total supply. The new Ethereum continues to generate block rewards under the Proof of Stake (PoS) mechanism to incentivize validators to maintain the security and stability of the network.

2. Combustion mechanism of deflation potential (EIP-1559) : Since the implementation of EIP-1559 upgrade, Ethereum has introduced a cost combustion mechanism. Each on-chain transaction destroys a portion of the ETH as the base fee and removes it permanently from circulation. This means that when the network activity is frequent enough, the amount of ETH burned out may exceed the number of new issuances in the same period, thus putting Ethereum into a "deflation".

3. Query supply data in real time : Therefore, the total amount of Ethereum is the result of a dynamic game between "new issuance" and "transaction burning". Investors can query real-time key data such as total supply, new additions and combustion through professional blockchain browsers or in the data sections of platforms such as Gate.io, Huobi HTX, etc.

Editor's suggestion

Reiterate the key point : The value of Ethereum is driven by technology fundamentals and market expectations. The progress of ETFs is the biggest uncertainty factor and potential catalyst in the short term, while network upgrades and cost combustion mechanisms are solid support for their long-term value.

Next action : Investors are advised to maintain their continued attention to macro news and on-chain data. It is not only about looking at the price, but also about the changes in the supply and demand relationship behind the price. Using tools provided by Ouyi OKX, Binance, Huobi HTX, Gate.io gate and other platforms to conduct independent thinking and analysis is the key to controlling market fluctuations. In the changing Web3 world, knowledge and information are always the most valuable assets.

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