Here’s the translation: "The ETH data you’ve been waiting for is here... Feels like it’s been a while since I talked about ETH. This cycle, I only bought BTC and didn’t buy ETH, but that doesn’t mean I’m bearish on it. On the contrary, so far ETH is still the strongest mainstream asset in terms of consensus, apart from BTC. This isn’t just my opinion—it’s something ETH investors have proven with their actions. Currently, ETH’s price ($1,900) has pulled back -60% from its all-time high, which is much less than the -80% drop in the previous cycle. Meanwhile, the holdings of conviction buyers have reached a whopping 31.42 million ETH, far exceeding the 19.5 million ETH at the bottom of the last bear market—and it’s an all-time high. This shows that no matter how much FUD there is on X, or even people outright calling it trash, it hasn’t stopped those dedicated investors from continuing to accumulate ETH during price dips. At the same time, the total holdings of loss sellers and profit takers are significantly lower than during the bottom of the previous two cycles. Whether they’re willing to sell more or not, the remaining sellable tokens are already limited. Most tokens are no longer changing hands. Lastly, there’s one peculiar phenomenon we can’t ignore: ETH’s Herfindahl Index has now surpassed the levels seen during its early days in 2015. This indicates that ETH’s token concentration is increasing, with certain large account clusters monopolizing a significant portion of the supply. This trend started in November 2024. Before that, ETH spent 9 years on a path of decentralized token distribution, but now it’s reversed course and achieved this level of concentration in just 2 years. So, will ETH “make waves” in the next cycle and unleash some serious energy, or will it continue to underperform? Honestly, it’s hard to say. But based on the overall data, the bottom characteristics around the $1,500 low point were very clear. I remember in the last cycle, ETH hit its bottom a full 5 months earlier than BTC. Could it be the same this time?"