ETH is entering a phase of global monetary policy easing—Is this the ideal attack opportunity?

Following the market crash on 11/10, the entire crypto system plunged into a gloomy state. However, the interesting part is that precisely when the market is paralyzed, a new trend is quietly emerging—the convergence between key crypto assets and the traditional financial world. And in the context of expectations for easing policies from both the US and China, Ethereum seems to have positioned itself in a highly advantageous strategic spot.

Wall Street is Building a New Power Network

The turning point came on 12/3, when SEC Chairman Paul Atkins publicly declared: the entire US financial market could shift to blockchain in the next few years.

Tokenization is not just a theoretical concept. First, when assets are stored on the blockchain, ownership structures become completely transparent—completely different from the current system where listed companies do not clearly disclose who the shareholders are. Second, tokenization allows T+0 payments instead of T+1, thereby reducing systemic risk and increasing safety. Third, this is not a distant future; major banks and leading securities firms worldwide are ready to step in.

Looking deeper, a chain of power has formed: US political-economic elite → US Treasuries → Stablecoins & crypto treasuries → Ethereum + RWA + L2

The reserves of stablecoins mainly consist of US short-term government bonds and bank deposits, managed through securities firms like Cantor. US Treasuries are low-yield, low-risk assets prioritized by crypto protocols. RWA—from government bonds to mortgage loans, from receivables to housing finance—are tokenized via Ethereum L1 and L2. Ultimately, all cash flows flow into ETH and L2 tokens, tools that hold transaction fee rights and future yields.

Numbers speak volumes: RWA TVL currently stands at $12.4 billion USD, accounting for 64.5% of the total on all public blockchains, while other chains are declining.

Ethereum Rediscovering True Income Value

The Fusaka upgrade seems quiet, but it is a significant milestone in Ethereum’s economic restructuring.

Previously, when L2 developed rapidly, L1 was under pressure—capital flowed out, value was dispersed. Fusaka aims to solve this by linking the blob base fee with the L1 base fee via EIP-7918. In plain language: Rollups can no longer use blobs at nearly zero cost. They must pay at least 1/16 of the L1 base fee, and this fee will be burned back to ETH holders.

This is the third time Ethereum has “recharged” through a burn mechanism:

• London: Burn only the execution layer
• Dencun: Burn both execution layer and blob (but blob fees can still be near zero during low periods)
• Fusaka: Blob fees linked to L1, creating a stable minimum floor—more active L2 = more ETH burned

What is the result? At 23:00 on 11/12, blob fees were more than 5.696 million times higher than before Fusaka, and in a single day, 1,527 ETH were burned, with blob fees accounting for 98% of total burns. As L2 activity becomes more vibrant, Ethereum could truly return to a deflationary state.

Short ETH Pressure Is Weakening—A “Short Squeeze” Opportunity

The liquidation on 11/10 was a mass extinction: all leveraged ETH futures positions were wiped out, then the spot positions were hit. Many long-time “OGs” sold off en masse.

According to Coinbase, the leverage in all crypto speculation has hit a historic low of 4%—an extremely low level.

In the past, a large part of ETH shorts came from the BTC long/ETH short pair—an effective strategy in bear markets. But this time, something unexpected happened: the ETH/BTC ratio has remained steady since November, not weakening as expected.

The key point: The amount of ETH on exchanges is 13 million, only about 10% of the total supply, at a historic low. In a panic market, when the Long BTC/Short ETH pair loses effectiveness, capital flows are restrained—these are ideal conditions for a potential “short squeeze.”

Global Policy Easing—A Perfect Storm

Looking ahead to 2025-2026, signals from Washington and Beijing are both positive:

• US: Active stimulus, tax cuts, easing interest rates, lighter crypto regulation
• China: Reasonable easing, financial stability

In the expectation of global policy easing, when asset volatility is restrained, markets are still panicked, and capital has not fully recovered—Ethereum remains in a “buying dip” zone.

Ethereum’s advantage comes from two sides: (Fusaka technology, RWA, L2) and the shift in (traditional financial policies). When both converge, the perfect opportunity for an attack may have arrived.