Ethereum funding heat intensifies, market sentiment shows positive signals!
Recently, the capital movement in the Ethereum market has been active, with key price support being tested, and the comparison of long and short forces has quietly changed. Combining on-chain data and capital flow, the market may be entering a stage of confidence recovery.
1. Historical chips demonstrate resilience, key support is tested
The $2500 capital accumulation zone mentioned on July 10 has been validated. Notably, the high-level trapped chips from January 2025 have averaged down their costs to the current area through continuous replenishment. These "long-term holders" only reduced their holdings by 370,000 ETH at $3067, maintaining a stable 1.84 million ETH remaining. More interestingly, new funds near $3033 bought 620,000 ETH against the trend, indicating that some investors view this area as a value range.
2. Changes in participant structure, new funds break the deadlock
The supply heat map indicates a rare signal after July 10: the long-standing dominance of "believers" and "short-term traders" has been broken, welcoming new incremental funds for the first time. This contrasts with past cycles—where new funds were more inclined towards Bitcoin and remained cautious about Ethereum. Currently, new funds entering the market are working in tandem with short-term active participants, effectively absorbing selling pressure above $3000. There has been no large-scale loss exit in the market; trapped positions are choosing to hold and observe, suggesting an optimistic outlook for the future.
3. Capital preferences shift, Ethereum's attractiveness increases
Data from exchange capital flows show that in the comparison of capital flow intensity between Ethereum and Bitcoin, Bitcoin still holds 72% dominance, but Ethereum's flow share has risen from a low of 11% in April-May to 28%. This change reflects both the diversion of Bitcoin funds and the warming expectations for Ethereum's ecological development. When traditional funds begin to pay attention to Ethereum, the probability of breaking through key resistance zones may significantly increase.
Market Outlook: Long and short game introduces new variables
Currently, Ethereum shows three positive signals: historical trapped positions' resilience exceeds expectations, new funds break the participant structure stalemate, and shifting capital preferences confirm ecological value. Although there is still pressure from above to break even, the market has formed a healthy pattern of "support on declines and absorption on rises."
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