BlockBeats News, February 10 — As Bitcoin and U.S. stocks rebound, ETH price has risen back above $2100. Previously, ETH experienced a 43% plunge over 9 days, touching a low of $1750, followed by a technical rebound of about 22%. However, multiple data points indicate that market participants remain cautious about ETH’s short-term outlook.
In the derivatives market, the two-month ETH futures annualized premium is only about 3%, below the neutral level of 5%, indicating traders’ risk appetite remains insufficient and shorts still dominate. Even with the price rebound, derivatives sentiment has not significantly improved over the past month.
From on-chain data and fundamentals, ETH has underperformed the overall crypto market by approximately 9% since 2026, raising questions about capital flow. However, in terms of TVL and transaction fee revenue, Ethereum still maintains a dominant position: its mainnet accounts for 58% of the industry’s TVL, and when including Base, Arbitrum, and Optimism, the combined share exceeds 65%.
But the issues are also prominent. Due to slowed on-chain activity, Ethereum has failed to maintain its deflationary status, with the annualized ETH supply growth rate rising to 0.8% over the past 30 days, significantly higher than the near 0% level a year ago. Meanwhile, concerns over Layer 2 subsidies and security continue to ferment. Vitalik Buterin recently stated that the focus should be on scaling the mainnet again, and acknowledged that some current Layer 2 solutions still fall short in decentralization and security.
Analysts believe that, amid rising uncertainty in the U.S. employment market and doubts about the sustainability of AI infrastructure investments, overall risk appetite remains weak. The sluggishness in the derivatives market reflects investors’ lack of confidence in a sustainable short-term reversal for ETH. Whether a bottom has been confirmed still requires more time and data for validation.
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