In this wave of market trends, ETH has consistently lagged behind.
However, the market sentiment has changed a bit recently, and you can feel that ETH is coming back.
For example, Tom Lee, the "Wall Street Oracle," has completed a $250 million financing through BitMine, almost entirely to allocate ETH, which also makes BitMine one of the largest holders of ETH, even surpassing SharpLink and the Ethereum Foundation. The amount is not the point, but it is evident that more and more companies are treating ETH as a long-term reserve tool.
Ark Invest is also adjusting their layout: on one hand, they are reducing their holdings in Coinbase and Robinhood, while on the other hand, they have increased their stake by 4.4 million shares in BitMine. What does this indicate? Institutions are no longer focusing solely on single platforms, but are placing more importance on the overall development of the ETH ecosystem.
Here's another interesting thing: Tom Dunleavy from Varys Capital and Kyle Samani from Multicoin recently made a bet on whether ETH can break $10,000 by 2026. Although it's a personal action, it has also drawn more attention to the future of ETH.
So when we focus on this industry, we shouldn't just look at a single product, but rather how it plays a role in the Web3 ecosystem.
Of course, there's no need to rush to make judgments; what matters is to feel the changes that are happening.

Sentiment

Oracle

Ethereum Foundation

Web3

在这一波行情里，ETH 一直跑落后。
不过最近市场情绪有点变化，能感觉到 ETH 要回来了。
比如“华尔街神算子” Tom Lee ，这次通过 BitMine 完成了 2.5 亿美元的融资，几乎全用来配置 ETH，也同时让 BitMine 成为最大的 ETH 持有者之一，甚至超过了 SharpLink 和以太坊基金会。金额大小暂且不说，但可以看出越来越多公司将 ETH 当作长期储备工具。
而 Ark Invest 也在调整他们的布局：一边减持 Coinbase 和 Robinhood，一边增持了 440 万股 BitMine。这说明什么？机构们不再只看单一平台，而是更看重 ETH 生态的整体发展。
再说个有趣的事，Varys Capital 的 Tom Dunleavy 和 Multicoin 的 Kyle Samani 最近做了个赌注：看看 ETH 到 2026 年能不能突破 10,000 美元。虽然属于个人行为，但也让更多人开始关注 ETH 的未来。
所以当我们关注这个行业时，不只是看单一产品，而是要看看它如何在 Web3 生态中发挥作用。
当然，判断什么的暂时不急，重要的是感受它正在发生的变化。

The pace is too fast, sometimes I forget how much we've done this season.
Fortunately, there are quarterly reports to look back on – it turns out that over the past few months, we have indeed made considerable progress.
Users exceed 30 million, global second in spot trading, reserves over 10.5 billion USD, brand collaborations going viral...
It's not just about riding a wave of data; every indicator reflects our daily refinement and persistence.
Let's take a look at how we perform together next quarter.
👀

Spot Trading

节奏太快了，有时候自己都忘了，我们这季到底做了多少事。
还好有季度报告，能回头看看——原来这几个月，我们确实推进了不少事。
用户破 3000 万、现货全球第二、储备金超 105 亿美金、品牌联名出圈……
不是冲一波数据就完了，而是每个指标背后都有我们日复一日的打磨和坚持。
下个季度，再一起看看我们跑得怎么样。
👀

Encryption is no longer optional; it has become a standard.

Encryption

**The market has been good these past two days, and BTC has reached a new high again.**

Whether you bought, sold, or are just watching, I think everyone should have a feeling: **This time, it really seems different.**

**It's not that it hasn't risen before, but this time it's not driven by a bunch of people rushing in with emotions; rather, the money has changed, the people have changed, and the structure has changed**.


You can tell by looking at what has happened in the last six months:

The Ryder ETF has such a large scale right from the start,

Traditional assets like stocks and funds are beginning to move onto the blockchain.

The people on Wall Street have also started to seriously deploy on the blockchain...

These are not "just giving it a try"; they are serious bets.


The meaning is simple: **Cryptography is no longer optional, but a standard configuration now.**


加密现在已经不是选配，而是标配了。

**这两天行情不错，BTC 又破顶了。**

不管你是买了、卖了，还是观望着，我觉得大家应该都有种感觉：**这次，好像真的不太一样了。**

**不是说以前没涨过，但这回不是靠一堆人冲情绪拉盘，而是钱变了、人变了、结构也变了**。


看最近半年发生的事就知道了：

莱德 ETF 一上来就那么大体量，

股票、基金这些传统资产开始往链上搬，

华尔街那批人也开始认真在链上部署了……

这些不是“试试看”，是真的在下重注。


意思很简单：**加密现在已经不是选配，而是标配了。**


BTC 又破顶了，但这次真不一样

BTC has reached a new high again, but this time it's really different.

I am optimistic about Bit's development. I am one of the first batch of veterans of Bit, and I have witnessed Bit's growth all the way 💪

From 0 to 30 million, we rely not only on technology and rise, but also on a group of real users who are using, chatting, and co-creating. I choose to speak up in Gate Square to get a little closer to you. The future exchange must be written together with the community.

Exchange

Hi, everyone, I am Lin, the founder and CEO of Gate.

I have always wanted to find an appropriate time to talk to everyone about the story of Gate, not in the form of an official press release like a "development review," but in a more genuine and community-oriented way, to reflect together on how we got to where we are today and where we are preparing to go.

**Now, it's time.**

Gate's global registered users have just exceeded **30 million**, and we have also just completed a comprehensive brand upgrade, officially launching Gate.com while continuing to expand our international compliance landscape. All of this made me realize that it's time to say something to the entire Web3 community:

**Gate, it really is different now.**

Over the past two years, many people have begun to question whether this industry has a future.

I want to say that this industry is not without a future—it is returning to its roots. We believe in Web3, not because it is popular, but because it is necessary. Web3 has never just been a buzzword; it represents a deep structural reconstruction. It is not "a shell game of finance," but a redesign of power distribution and trust mechanisms.

We see that assets are being redefined: stocks are being tokenized (RWA), markets are being rearranged (DEX, Perp), and value is being recaptured (AI, SocialFi, L2, Memes). Gate will continue to showcase our role and products in this major trend, promoting the true realization of the "next generation exchange."

**Gate's next chapter is internationalization, ecosystem, and community co-construction!**

Today, Gate is no longer just an "exchange," but a complete product network: Gate Wallet, Launchpad, Gate Learn, Gate Research, Gate Charity, Gate Alpha, HODLer, Launchpool, and so on. What we are building is not just a trading experience, but **the main stage for users in the crypto world**.

This time I chose to write this article in Gate Square, which also represents our emphasis on the community. In the future, you will see more Gate core members active in the square, including our CBO Kevin, who will share trading logic, macro trends, and first-hand strategies. Gate Square will be a new bridge connecting users, products, and the market.

Thank you to every user who has ever clicked into Gate; it is you who make all of this real. We also welcome every Builder and creator who is still exploring to come to Gate Square and talk about what really matters.

We do the right thing together, with the right rhythm, and go further.

#GateSquare#

![](https://img.gateio.im/social/moments-36afa47559-a2383be5be-153d09-7649e1)

从 0 到 3000 万，我们靠的不只是技术和增长，更是一群真实的用户在用、在聊、在共建。我选择发声在 Gate 广场，是想离你们更近一点。未来的交易所，必须和社区一起写。

Hi，大家好，我是 Lin，Gate 的创始人兼 CEO。

我一直想找个合适的时机跟大家聊聊 Gate 的故事，不是那种官方新闻稿式的“发展回顾”，而是用更真实、更接近社区的方式，和大家一起复盘我们是怎么走到今天的，又准备走向哪里。

**现在，是时候了。**

Gate 的全球注册用户刚刚突破 **3000 万**，我们也刚刚完成品牌全面升级，正式启用 Gate.com，同时继续拓展国际合规版图。这一切让我意识到，该对整个 Web3 社区说句话了：

**Gate，真的不一样了。**

过去两年，很多人开始质疑这个行业，还有没有未来。

我想说，这个行业不是没未来——它正在回到初心。我们相信 Web3，不是因为它流行，而是因为它必要。Web3 从来不只是个 buzzword，它代表的是一场深层的结构性重构。不是“换个壳的金融”，而是对权力分配、信任机制的重新设计。

我们看到资产正在被重新定义：股票被代币化（RWA）、市场正在被重新编排（DEX、Perp）、价值正在被重新捕捉（AI、SocialFi、L2、Memes）。Gate 会在这条大趋势上，持续输出我们的角色和产品，推动“新一代交易所”真正落地。

**Gate 的下一章，是国际化，是生态，是社区共建！**

今天的 Gate 不再只是“交易所”，而是一整套产品网络：Gate Wallet、Launchpad、Gate Learn、Gate Research、Gate Charity、Gate Alpha、HODLer、Launchpool 等等。我们正在构建的不只是交易体验，更是**用户在加密世界的主场**。

这次我选择在 Gate 广场写下这篇文章，也代表了我们对社区的重视。未来你会看到更多 Gate 核心成员在广场上活跃，包括我们的 CBO Kevin，他会分享交易逻辑、宏观趋势和一手策略。Gate 广场会是连接用户、产品和市场的全新桥梁。

感谢每一位曾经点进过 Gate 的用户，是你们让这一切变得真实。也欢迎每一位还在探索的 Builder 和创作者，来 Gate 广场说点真正重要的事。

我们一起做对的事，用对的节奏，走得更远。

#GateSquare#

![](https://img.gateio.im/social/moments-36afa47559-a2383be5be-153d09-7649e1)

BTC has reached a new high again, but this time it's really different.

From 0 to 30 million: Gate's next stop is more than just an exchange.