Ethereum (ETH) rapidly surged in a short period, directly breaking through the $4500 threshold, with trading volume significantly increasing. Bullish funds concentrated their efforts, putting considerable pressure on the bears. Since the low of $1800 in early April, ETH has accumulated an increase of over 150%, showing a strong trend.
Data shows that approximately 7.98% of the total supply of ETH is currently held by ETFs and corporate treasuries, with ETFs holding over 6.15 million coins, accounting for more than 5% of the circulating supply; corporate holdings have also increased from zero to millions of coins, representing companies such as Bitmine Immersion Tech and The Ether Machine. This concentration of holdings has, to some extent, reduced the circulating chips in the market, contributing to the price increase.
From a technical perspective, ETH is trading above short-term moving averages, with ample momentum; however, the risk of a pullback after a rapid surge should also be noted. Increased volatility during trading means that chasing highs needs to be done with position control. The current trend remains strong, and blindly shorting in an upward market requires caution.