Ethereum's recent gain is likely driven by liquidity, with BlackRock-led inflows and whale activity contributing to the rally.

Ethereum's recent gain is likely driven by liquidity, with BlackRock-led inflows and whale activity contributing to the rally. However, the slowdown in BitMine's buying is a potential warning sign. I observed a minor gain, which I attribute to liquidity rather than fundamentals, with a 20% chance that this rally is driven by genuine fundamental improvements.