币界网报道：Ethereum's recent price surge may be a speculative bubble, according to a report by Matrixport. The crypto financial services platform analyzed on-chain data and found that while ETH's price rose over 30% in the past month, network activity and adoption metrics didn't show corresponding growth. Matrixport noted that Ethereum's daily active addresses remained flat around 400,000, and decentralized exchange volumes declined despite the price increase. The report suggests the rally was primarily driven by derivatives trading and speculation around potential spot ETH ETF approvals, rather than organic network usage. Matrixport warns that such divergence between price and fundamentals often precedes market corrections, citing similar patterns before previous crypto downturns. The firm advises caution, noting that Ethereum's current price action resembles a "speculative bubble" that could deflate if ETF approvals face delays or rejection.