The culprit behind the 34% drop has been cleared: Bitmine has crazily swept up 600,000 ETH in eight days, is the Ethereum reversal happening right now?

Ethereum's weakness in recent months has driven market sentiment to a freezing point, but as hardcore researchers, we must penetrate the fog of K-lines to look at the underlying on-chain supply and demand data.

1. The end of the 2.66 million ETH selling pressure Last September, Ethereum faced a massive selling pressure waterfall due to 2.66 million ETH exiting staking when it was at its peak of $4,700. After three and a half months of deep squat digestion, the current exit queue has dropped to only 80,000 ETH. This means that the culprit behind the 34% drop in ETH has completely disappeared.

2. Institutions are 'buying the dip' in staking According to analyst Yu Jin's monitoring, the Ethereum treasury company Bitmine (BMNR) has recently entered a crazy 'stockpiling' mode. In just the past 8 days, they have deposited 593,152 ETH in preparation for staking. Institutions have chosen to enter the market on a large scale near $3,100, providing a clear signal of a valuation bottom.

3. 12 times supply-demand imbalance The market currently shows an extreme supply-demand imbalance: the amount of ETH waiting to be staked (over 1 million) is more than 12 times the amount waiting to exit (80,000). This level of buying pressure accumulation typically signals a significant price correction ahead.

[Hardcore Research Conclusion] Many people are watching the fear index, but I am watching the staking pool for demand. After the 2.66 million ETH selling pressure was silently absorbed by the market, what remains is the chip vacuum zone. Ethereum is transitioning from a 'retail panic zone' to an 'institutional staking zone.'

As investors, we need to be wary of overvalued VC-driven projects, while assets like ETH, which have real staking demand and institutional backing, should not be underestimated in their explosive potential after the selling pressure has exhausted.

(Note: Personal opinion, not investment advice.) #ETH #加密市场观察