#数字资产动态追踪 Recent changes in Ethereum are actually hidden within those numbers

Focusing only on price fluctuations can cause you to miss the key points. But if you look at on-chain data, spot ETFs, and cross-chain DeFi from these three dimensions, the logic becomes much clearer.

First, let's look at the on-chain aspect. The number of long-term Ethereum holder addresses is continuously increasing. These wallets share a common characteristic — once they enter, they are locked and remain inactive. During this sideways price movement, $ETH is constantly flowing into low-liquidity addresses. In other words, the truly liquid chips in the market are gradually decreasing, and this is no coincidence.

Next, observe the performance of spot ETFs. The inflow of funds is not aggressive, but it is steady and stable. Don't underestimate this stability — the core significance of ETFs is not short-term price manipulation, but rather integrating Ethereum into institutional long-term portfolios. As long as there are no large-scale redemptions, this creates a slow but persistent pressure on supply.

Finally, consider cross-chain and DeFi ecosystems. The TVL of Ethereum-related bridging protocols and cross-chain applications has not shrunk significantly; instead, it indicates that funds are not fleeing but rotating within the ecosystem, waiting for more definitive signals. It’s easy to misread this: decreased activity does not mean funds are fleeing; the difference is substantial.

From these three perspectives, Ethereum is currently in this state:
Prices are tidying up the aftermath, chips are slowly accumulating, and funds are holding back, waiting for opportunities.
This stage is not dictated by emotions but by structural changes happening silently.