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

CoinVoice · 2026-01-20T09:49:19+00:00

Matrixport analysis indicates that Ethereum has recently been increased in holdings, mainly driven by non-leverage spot positions. Despite a rebound, the medium-term allocation logic for ETH remains valid, with technical indicators recovering and on-chain data warming up, reducing market pessimism. Currently, the options market is dominated by put selling, with spot buying outweighing, and strategic position building strengthening the rebound support.

CoinVoice

2026-01-20 09:49:19

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CoinVoice has learned that Matrixport’s analysis in today’s chart indicates that Ethereum is quietly being accumulated, primarily driven by spot holdings 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 remains valid.

The previously observed recovery signals continue: technical indicators are steadily improving, on-chain data is warming up, and the market’s pricing of pessimistic expectations has softened (at least for now), easing short-term downward pressure. Structurally, the current ETH options market is dominated by selling calls, while spot buy-side remains stronger, resembling strategic positioning rather than simply chasing the rally.

This combination allows for some participation in upside potential while collecting premiums through selling call options, thereby monetizing part of the volatility. Meanwhile, the current increase in holdings is mainly driven by spot buying, providing stronger support for the rebound and greater sustainability.

ETH-6,81%

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