When the "Faith Recharge Card" is cashed out by the owner: Is Ethereum entering a mature phase?

Recently, the discussion around Vitalik Buterin's reduction has been quite heated, with various celebrities and financial groups' actions being amplified. The market's first reaction is always: the founder has sold, does that mean they're fleeing?

But from another perspective, founder reductions are more like a sign that a startup is entering a mature stage. Early on, it's "All in on ideals"; later, it's "Ideals plus asset allocation." Reducing holdings isn't necessarily bearish; it could be about diversifying risk, philanthropy, or investing in new experiments.

As for Ethereum's intrinsic value logic, it has long shifted from "founder faith" to "ecosystem size." DeFi, L2, RWA, staking economy—what truly supports the price are on-chain cash flows and application scenarios.

Emotional markets love drama, but mature markets focus more on structure. Instead of watching who is selling, it's better to watch who is using and building.

Bull and bear cycles will change, stories will evolve, but the activity level of the underlying network remains a key indicator. #深度创作营