Matrixport: The phased risk of ETH is rising due to the exit of Bitmine's buying and the lack of new capital to take over

Matrixport released a chart stating that two weeks ago we warned that the phased risks for Ethereum were accumulating: throughout the summer, incremental buying mainly came from Bitmine, whose sustained buying pressure largely supported the price and market sentiment. As Bitmine's buying pressure has retreated, Ethereum-related ETFs had previously accumulated a net inflow of about $10 billion, and related long positions are at a relatively high level. In the absence of new capital to take over, the pressure for price adjustment has clearly increased.

As of now, Ethereum has accumulated a decline of about 10% this year, and the drop since we first warned of the risks is close to 20%. The process of long deleveraging is basically consistent with our previous judgment. This trend is one of the negative developments worth noting in this year's crypto market, but it also reaffirms an important fact: adhering to data-driven approaches is essential to gradually establish a real advantage in investment and trading.