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

Matrixport's analysis in today's chart indicates that Ethereum is being quietly accumulated, primarily driven by spot rather than leverage. From a technical perspective, although there has been a rebound in the past two to three weeks, the mid-term allocation logic for ETH still holds.

The previously noted repair signals are still ongoing: technical indicators continue to improve, on-chain data is also warming up, and the market's pricing of pessimistic expectations has somewhat diminished (at least at this stage), leading to a reduction in short-term downward pressure. Structurally, the current ETH options market is predominantly selling calls, while the spot side still favors buying, resembling more of a strategic accumulation rather than a simple chase for gains. This combination retains a certain degree of upside participation while also allowing for the collection of premiums through selling call options, thus monetizing part of the volatility. Meanwhile, this round of accumulation is more driven by spot buying, providing stronger support for the rebound and greater continuity.