The rise of ETH has been more bumpy than BTC and SOL The stolen ETH from Bybit has entered the stage of mixed coin collection, and the selling pressure on the market will continue for a period of time, with 1.5 billion US dollars of ETH and about 400000 ETH, Although the current market size of Ethereum will not lead to a market crash, "unexpected" selling pressure will seriously undermine market confidence. But this is just a small episode. For ETH, besides the upcoming upgrade, the attitude of the SEC and the Ethereum Foundation itself are the things that should be paid attention to. The SEC has concluded its investigation into Ethereum 2.0 in mid-2024 and will not take any enforcement action, As of February 2025, the SEC has not explicitly stated that ETH is not a security, but its actions (such as approving ETFs and closing investigations) indicate that they do not consider it a security that requires enforcement. On the contrary, the SEC is working to establish a clear regulatory framework for Ethereum through a new task force. And the Ethereum Foundation may be the biggest problem that ETH is struggling to break through: The Ethereum Foundation faced leadership turmoil in May 2024, with researchers Justin Drake and Dankrad Feist accepting high paying advisory positions at EigenLayer EIGEN, sparking community questioning of conflicts of interest. Drake announced his appointment as a consultant on May 19, 2024, and subsequently resigned in November 2024 due to strong opposition. The foundation has also introduced a new conflict of interest policy as a result, but despite this, the scandal still dealt a serious blow to ETH and its ecosystem. In January 2025, the Ethereum Foundation announced that it would invest 50000 ETH (approximately $1.65 billion) in the DeFi ecosystem, and the first test transaction was executed on Aave. Some communities believe that this move is a wise financial strategy, but others see it as a desperate manifestation of Ethereum's declining dominance. The market dominance of Ethereum has been continuously declining recently, with reports on January 18, 2025 showing that its market share has fallen to a four-year low of 11.68%, a decrease of 6% from the beginning of the year. It is evident that this trend has prompted foundations to seek ways to compensate for financial pressures through DeFi investments, especially as their treasury shrinks from 617000 ETH in 2020 to 269000 ETH (approximately $894 million) in 2025. In February 2025, over 50% of Ethereum validators supported increasing gas restrictions (currently around 30 million) to increase transaction capacity per block and reduce fees. But critics are concerned that this may lead to further centralization of the network, making it difficult for small validators to participate. The centralization of Ethereum has led to speculation among the community that the leadership of the foundation is harming the health of the network for financial gain. Bitcoin ETH