Since last December, there has been significant capital accumulating ETH at the bottom, and it continues to buy even now. The concentration of chips, represented by the Herfindahl index, has reached 1.2, with the historical high being 3.

In simpler terms, a higher concentration of chips does not necessarily mean a significant price increase, but it is favorable for a price surge. A dispersed concentration of chips is certainly not conducive to a large price increase. Moreover, the accumulation of chips is still ongoing,

it may take time to reach the historical high. Recently, the ETH ETF staking has been approved, which is a positive factor in the medium to long term. In the short term, we still need to see how BTC performs. This means that if BTC continues to maintain a rebound and high-level fluctuations, there may be a chance for ETH to rise. If BTC goes down, ETH will not be able to hold up either.

Additionally, its ecosystem tokens SSV, MKR, and ARB have shown signs of increasing chip concentration in the last three months.

There may be funds gathering chips to make moves. However, the current drop is due to BTC pulling it down, so we need to keep watching in the short term. If BTC does not perform well, ETH's chances of rising may not be very optimistic.

In the medium to long term, for example, in the next major upward wave, we can pay attention to the chip concentration situation.

The crypto play involves high control of the market, price surges, positive news releases, FOMO, then distributing chips, and then gathering chips again, a cycle.

Essentially, we need to first gather chips, after all, no one is a philanthropist.