The truth behind ETH's quiet accumulation: a strategic buildup led by spot holdings and protected by options

OnChainDetective · 2026-01-20T09:20:12+00:00

Ethereum has recently rebounded, with the market's increased buying momentum mainly driven by spot purchases, and leverage not participating. Technical indicators and on-chain data are warming up, and bearish sentiment is weakening. The options market strategy leans towards selling call options, while spot buying continues to support the rebound, indicating stronger sustainability.

OnChainDetective

2026-01-20 09:20:12

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【ChainWen】Ethereum has been quite interesting lately. Although there has been a rebound in the past two or three weeks, the market’s response isn’t simply about chasing the rally—real buying momentum comes from spot purchases, and leverage has not been involved at all.

From a technical perspective, the signals are quite accurate. Technical indicators are continuously recovering, on-chain data is starting to warm up, and the market’s pricing of pessimistic expectations has significantly diminished. This means that the extremely bearish sentiment from earlier is loosening, and the short-term downward pressure has also eased.

The most interesting part is the gameplay in the options market. The current main strategy is to sell call options—this allows participation in upward movements while earning volatility premiums. In other words, it’s about making money with a safety net in place. This combination is not just about chasing gains but is more of a strategic position-building.

Structurally, spot buying has always been dominant, which is the most solid support for the rebound. It’s not driven by speculation; genuine spot accumulation is pushing this rebound to continue. Therefore, the sustainability of this upward trend is relatively strong.

ETH-3,78%

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MEVSandwichVictim

· 2h ago

Spot quietly building positions without making a fuss, leverage daddy is still sleeping, this rebound still has some authenticity.

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BearMarketMonk

· 2h ago

Spot buying without leverage, just running alongside—this is the true nature of the bottom...

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TopEscapeArtist

· 2h ago

Spot is holding, leverage is timid, this is the reason the market is still alive. Has the MACD golden cross occurred?

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BridgeNomad

· 2h ago

spot flow looks clean here, no leverage shenanigans pumping the price... that's actually refreshing tbh. but here's where i get twitchy—when everyone's shorting calls through options, who's really holding the bag if sentiment flips? seen this movie before, trust me

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NFTRegretter

· 2h ago

The real buy orders in spot trading can hold up, and leverage not causing trouble is nothing special. This rebound is more reliable.

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SandwichTrader

· 2h ago

Spot trading is bottoming out, but leverage hasn't awakened yet. Can we trust this rebound?

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AllInAlice

· 2h ago

Spot buying is so aggressive, while leverage is still on the sidelines... Feels a bit fake this time.