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ETH's on-chain activity has significantly increased over the past two days. From January 13 to 8:00 AM on January 14, the total trading volume surged to nearly 690,000 coins—more than several times the 100,000 coins during the same period the previous day. What does this indicate? The market trading enthusiasm has suddenly risen, and liquidity flowing into ETH has become quite active. Such a jump in trading volume usually reflects a change in on-chain participant sentiment. Whether institutional or retail investors, recent activity shows an increased trading intensity of ETH. From a data perspective, market heat is indeed rising.