#数字资产市场动态 Ethereum has increased by 1.7% in the past 24 hours, but the story behind it is much more complex than this number. $ETH 's movement actually reflects a tug-of-war between two forces in the market.

The bullish signals are quite clear. The significant increase in trading volume indicates that buyers are re-entering the market, and institutions are not idle—big players like Bitmine and Trend Research are actively accumulating ETH and even staking their holdings. Among them, Bitmine aims to acquire 5% of the network's stake, which is no joking matter. What's even more interesting is that Ethereum is becoming increasingly popular in the real-world asset (RWA) sector, with Swiss retailer SPAR starting to accept ETH payments, showing that the ecosystem is moving toward practical applications.

From a technical perspective, the Glamsterdam upgrade expected to launch in 2026 will significantly enhance Layer 1 scalability by increasing the Gas limit and introducing a separation between native proposers and builders. If successful, this could attract many new users and applications.

However, there are also many issues. A well-known wallet recently deposited over 112,000 ETH into exchanges (worth $3.318 billion), which could mean someone is trying to dump or hedge risks; in any case, short-term volatility is likely. More painfully, a whale opened a short position worth $106.5 million, and combined with other short positions, the market sentiment is quite bearish. The Ethereum ETF is also struggling, with a net outflow of 17,969 ETH ($5.27 million) in one day and a total outflow of 29,287 ETH ($8.59 million) over a week, indicating waning investor interest in such products.

Community sentiment is tense. Some are worried about volatility and betting that prices will go down, while others point out that institutions are accumulating, and macro liquidity could become a catalyst for future growth. The tug-of-war will likely continue in the short term, and the key will depend on subsequent institutional actions and macroeconomic changes. $BTC