#以太坊行情解读 $ETH $BTC $BNB

Ethereum's Undercurrent - The Truth May Be Surprising

On the surface, Ethereum seems to be in a predicament: prices stagnate, trading volumes have plummeted, and retail investors are continuously leaving. The market is quiet, resembling a cold winter. But if you only see these, you are missing deeper changes.

Since July, those holding more than 10,000 ETH have been doing the opposite — they are quietly increasing their positions. This group of people never chases trends, nor do they engage in emotional trading; instead, they choose to enter the market at this moment. Is this a keen sense of precise bottom-fishing, or a certain prediction about the future market?

The derivatives market is experiencing severe fluctuations. The open interest has halved, and traders are collectively cutting losses, which usually indicates that the market is undergoing a "risk reshuffling." Meanwhile, the spot ETF has seen an outflow of $644 million, and institutional investors have also entered a wait-and-see mode.

At first glance, it seems to be a signal of capital flight, but on the contrary – when leveraged positions have been cleared and the market noise gradually dissipates, that is the moment when the real stage for the game is truly set.

Whales are accumulating chips, and the market is entering a consolidation phase. The next step is whether to continue sideways consolidation or to welcome a key breakout before the storm? Perhaps it won't be long before we see the outcome.