Ethereum's recent surge looks impressive, but the fundamentals are a bit shaky!!! 😅
It's not institutions increasing their positions, nor new bullish investors entering the market; rather, it's the shorts who couldn't hold on any longer and began covering their positions, which has 'lifted' the price 📈
The CME basis has remained low (only 6%-10%), indicating that there hasn't been a significant bullish sentiment in the market. Looking at ETF fund flows, over the past month, there have only been 10 days of net inflow, and only once did it exceed 100 million, which doesn't resemble the beginning of a bull market at all 💤
The conclusion is simple: this isn't a battle driven by confidence; it resembles more of a 'false rebound' brought about by position adjustments. 📉
