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

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

PANewsPANews2026/01/20 09:22
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PANews January 20th news, Matrixport analyzed in today's chart that Ethereum is being quietly accumulated, mainly driven by spot purchases rather than leverage. From a technical perspective, although there has been a rebound in the past two to three weeks, the medium-term allocation logic for ETH still holds. The previously observed recovery signals continue: technical indicators are steadily improving, on-chain data is also recovering, the market's pricing of pessimistic expectations has eased (at least at this stage), and short-term downward pressure has consequently softened.

Structurally, the current ETH options market is dominated by selling call options, while spot buying remains strong, resembling more of a strategic position building rather than simple momentum chasing. This combination allows for some upside participation while also collecting premiums by selling call options, thus monetizing part of the volatility. Meanwhile, this round of increased positions is mainly driven by spot buying, providing stronger support for the rebound and making its continuation relatively more robust.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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