Analysis: Ethereum is being quietly accumulated, primarily driven by spot trading rather than leverage.

According to Mars Finance, Matrixport's chart analysis today indicates that Ethereum is being quietly accumulated, primarily driven by spot trading rather than leverage. From a technical perspective, although there has been a rebound over the past two to three weeks, the medium-term allocation logic for ETH remains valid. Previously monitored recovery signals continue: technical indicators are steadily improving, on-chain data is recovering, and market pricing in pessimistic expectations has softened (at least in the current phase), easing short-term downward pressure. Structurally, the current ETH options market is dominated by shorting call options, while spot buying still dominates, resembling strategic position building rather than simply chasing the rally. This combination retains some upside potential while also allowing for premium collection through selling call options, realizing some volatility. Meanwhile, this round of accumulation is largely driven by spot buying, providing stronger support for the rebound and making it more sustainable.