Matrixport: Ethereum is Being Quietly Accumulated, Spot-Driven, Non-Leverage Fueled

Odaily News Matrixport released an analysis indicating that the recent accumulation of Ethereum (ETH) is primarily driven by spot buying, not leveraged funds. From a technical perspective, despite the rebound over the past two to three weeks, the medium-term allocation logic for ETH remains valid. Technical indicators continue to repair, on-chain data is warming up, market pricing of pessimistic expectations has eased, and short-term downward pressure has weakened.

Structurally, the current ETH options market is dominated by selling calls, while spot-side buying still holds the advantage, resembling strategic position building rather than chasing rallies. While maintaining a certain degree of upside participation, it involves selling call options to collect premiums, thereby partially monetizing volatility. Simultaneously, this round of increased positions is more driven by spot buying, providing stronger support and sustainability for the rebound.