Ethereum is experiencing a quiet increase in spot holdings, driven by non-leveraged transactions, according to ChainCatcher. Despite a rebound over the past two to three weeks, the medium-term configuration logic for ETH remains intact.
The previously noted recovery signals continue to persist, with technical indicators showing improvement and on-chain data warming up. The market's pricing of pessimistic expectations has softened, at least for the current stage, easing short-term downward pressure. Structurally, the current ETH options market is dominated by selling call options, while spot buying remains prevalent, indicating strategic accumulation rather than mere pursuit of price increases.
This combination retains some upward participation while allowing for premium collection through selling call options, monetizing part of the volatility. Meanwhile, the recent increase in holdings is primarily driven by spot buying, providing stronger support for the rebound and enhancing its sustainability.
