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

ETH-2,59%

PANews January 20 News, Matrixport’s analysis in today’s chart indicates that Ethereum is quietly being accumulated, primarily through spot holdings rather than leverage-driven positions. From a technical perspective, although there has been a rebound in the past two to three weeks, the medium-term allocation logic for ETH remains valid. The previously observed recovery signals continue: technical indicators are steadily improving, on-chain data is warming up, and the market’s pessimistic expectations are being priced in less ( at least for now ), short-term downward pressure has eased accordingly. On a structural level, the current ETH options market is dominated by put selling, with spot buy-side still prevailing, which appears more like strategic positioning rather than simply chasing the rally. This combination allows for maintaining some upside participation while also collecting premiums by selling call options, thereby monetizing part of the volatility. Meanwhile, the current round of accumulation is driven more by spot buying, providing stronger support for the rebound and making its continuation relatively more sustainable.

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