Ethereum has surged recently, and the truth behind it may surprise you:
The ETH on exchanges has indeed decreased
Someone bought ETH from the exchange and transferred it to their own wallet, but the buying volume this time is actually not large
The real big players hoarding coins were seen during the bear market—at that time, the ETH on exchanges was directly reduced by half, that was when real money came in
This surge is actually a short-squeeze
Big capital is manipulating the futures market, forcing short sellers to liquidate. When shorts get liquidated, they have to buy back ETH to close their positions, driving the price higher and causing more people to get liquidated—like a snowball effect, it can rise 30% in just two days.
On-chain data proves that this surge is not driven by normal buying pressure
Be cautious, a correction could happen at any time. Once this wave of shorts is nearly exhausted, it may quickly drop back
Chasing highs now carries huge risks; after all, who in their right mind would keep buying after a 30% surge?
The only variable is if the surge brings retail sentiment up, attracting real buying pressure, then it could hold for a while longer
But currently, this situation is still rare, so don't be too optimistic