$ETH has now liberated most of the trapped spot holdings, and what's left are the family members who bought at the high of 4000.

Currently, the market shows that spot CVD is buying crazily, and those who bought spot at the high in December 2024 have basically all broken even. However, seeing the market continue to rise, there are no plans to sell the spot holdings, and some even want to add more. The support from the futures market is not significant; most are making profits by going long.

Institutions continue to buy, retail investors are breaking even and holding on, and there is absolutely no selling pressure in the market. This has also led to the market's rapid advancement.

At the same time, compared to the ETH market in December 2024, this round is a complete volume buy-in, and the duration might be even longer....