Recently, the price movement of Ethereum (ETH) has attracted widespread attention in the market. During this pump, some overly optimistic voices again likened ETH to "digital oil" or "world system". However, we need to view this phenomenon rationally and analyze the real reasons behind it.

First of all, cryptocurrencies and artificial intelligence are undoubtedly the two hottest areas in the current US stock market. This heat will inevitably spill over to the cryptocurrency market, bringing benefits to mainstream coins like ETH.

Secondly, the launch of ETFs (Exchange-Traded Funds) provides large institutional investors and publicly listed companies in the United States with an almost unrestricted purchasing channel. This not only increases market liquidity but also enhances the legitimacy perception of cryptocurrencies to some extent.

Moreover, the strong performance of Bitcoin (BTC) has also instilled confidence in the market. After experiencing a significant decline earlier, investors have begun to turn their attention to ETH, the second largest cryptocurrency by market capitalization, hoping to replicate BTC's success.

However, we must also see that, despite the price rise, the on-chain activity of Ethereum remains relatively sluggish. Comparing it to "digital oil" or "world system" may be an exaggeration. This statement is more a result of market sentiment hype rather than based on actual technological advancements or the expansion of application scenarios.

Overall, the recent pump of ETH is the result of multiple factors working together. While investors are following the short-term price movement, they should also closely monitor the substantive developments in the Ethereum ecosystem, including technical upgrades, application implementation, and overall network activity. Only when these fundamental factors see substantial improvement can ETH truly achieve long-term value growth.