Recently, Ethereum's market performance has attracted significant attention from capital. Looking back to July 10, ETH exhibited clear capital support around $2500. At that time, the market was generally focused on whether it could break through the resistance range of $2700-$2800—this range accumulated a large number of trapped chips, with holders primarily being players who continuously averaged down after being trapped at high positions in January 2025.
From the latest chip dynamics, the stability of this part of the holdings is beyond expectations. Data shows that chips with a cost around $2527 only reduced holdings by 370,000 units near $3067 (from 2.21 million units to 1.84 million units), while other chips in the same cost range have hardly shown significant reductions. More notably, signs of new funds entering the market have appeared around $3033, with an increase of 620,000 units, providing new momentum for price increases.
(Figure 1)
The supply heatmap further confirms the positive changes in market structure: since July 10, ETH has welcomed long-awaited 'new buyers.' It should be noted that during this cycle, the buying power of ETH has been dominated by 'belief buyers' and 'aggressive buyers' (both are veteran players with consensus on ETH), while new funds were previously more inclined towards Bitcoin with limited attention to ETH. The entry of these new buyers not only brings incremental funds but also injects fresh blood into the ETH player community.
At the same time, the short-term active 'aggressive buyers' are also showing positive behavior. Although there was some profit-taking after ETH rose above $3000, this selling pressure has been fully absorbed by new buyers and aggressive buyers. More critically, there are no loss sellers at the current price level, which means the willingness of trapped holders to cut losses at this position is extremely low, further solidifying the support below.
(Figure 2)
From the comparison of platform capital flows, ETH is gradually narrowing the gap in the 'capital competition' with BTC. Data shows that the total dollar value of ETH flowing in and out of platforms has risen to 28% (BTC accounts for 72%), whereas this ratio was as low as 11% in April-May of this year. This indicates that some funds originally flowing to BTC have begun to shift towards ETH, significantly increasing capital attention.
(Figure 3)
In summary, Ethereum's recent data presents three major positive signals: first, it has successfully broken through a dense chip area, with a low willingness to reduce residual trapped chips above; second, the scale of profit-taking below is limited, and holders are optimistic about future market expectations; third, the entry of new buyers brings incremental funds, and capital attention continues to warm up. As the capital structure further optimizes, Ethereum is expected to maintain a positive trend.
