Some bullish thoughts on ETH: 1/ No significant sell pressure post-Bybit hack. On-chain and market data remain neutral. Exchange selling takes time, and OTC offloads barely affect the price. 2/ Ethereum holds 56% of the stablecoin market cap. With Trump easing crypto regs, more firms may use ETH-based stablecoins and smart contracts in 2025. 3/ ETH spot ETF is already approved. Regulatory tailwinds could trigger a "Large Cap ETF altseason," boosting ETH this year. 4/ Whales are accumulating: 10K–100K ETH wallet balances are up 24% over the past year, mainly from wallets under 1K ETH. The current price is nearing the cost basis of accumulating addresses.