The most intriguing tug-of-war on the board is nothing more than the continuous draining of on-exchange chips and the market’s lingering stillness in price. The exchange’s inventory of $ETH has been brought down to just 3.49% of the total supply. Combined with 35% in pledged lockups and $53 billion in DeFi that has been drained from circulation, the spot holdings that can be sold at any time are becoming unprecedentedly scarce.
The pace of allocations on the institutional side has not slowed. The Ethereum ETF has maintained net inflows for six consecutive weeks; last week it again absorbed $690 million, and some large holders have also continued to withdraw and deposit funds around the $2,600 range, creating further accumulation. However, the tightening of spot supply has not yet translated into an upward momentum impulse. On the trading board, the share of retail long positions is nearing 74%, indicators remain in a neutral-to-bullish zone, yet they still have not managed to form a concerted push ahead of the $2707 resistance level.
Behind this liquidity divergence is the cautious stance of large players ahead of the release of key macro data. Bulls are currently firmly constrained by suppression around the $2707 gate. Only if trading volume breaks through that level can the true force of the reduced spot supply be unleashed in the order book. Until then, the ability to absorb selling in the vicinity of $2619 remains the key line of defense for maintaining this fragile equilibrium.
The pace of allocations on the institutional side has not slowed. The Ethereum ETF has maintained net inflows for six consecutive weeks; last week it again absorbed $690 million, and some large holders have also continued to withdraw and deposit funds around the $2,600 range, creating further accumulation. However, the tightening of spot supply has not yet translated into an upward momentum impulse. On the trading board, the share of retail long positions is nearing 74%, indicators remain in a neutral-to-bullish zone, yet they still have not managed to form a concerted push ahead of the $2707 resistance level.
Behind this liquidity divergence is the cautious stance of large players ahead of the release of key macro data. Bulls are currently firmly constrained by suppression around the $2707 gate. Only if trading volume breaks through that level can the true force of the reduced spot supply be unleashed in the order book. Until then, the ability to absorb selling in the vicinity of $2619 remains the key line of defense for maintaining this fragile equilibrium.