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According to analyst @alicharts, the current Ethereum MVRV (Market Value to Realized Value ratio) has dropped to 0.78. Historically, when the MVRV ratio falls below 0.8, ETH is usually close to a long-term bottom. However, the current market is still in a significant distribution phase.@alicharts indicates that if the selling pressure continues, potential support levels are: $1800, $1584, $1238, and $1089.

According to Glassnode data, Bitcoin is currently consolidating between $62,000 and $72,000, and is expected to close down for the fifth consecutive month.Despite the weak market environment, the open interest (OI) in Bitcoin options has returned to historical highs, and is expected to surpass the peak of 550,000 Bitcoins set last December within a few days, further highlighting the importance of the options market.At the same time, the implied volatility (ATM IV) has retreated from its early peak, but remains above the levels of a month ago, with the market pricing the implied volatility for 1-month and 3-month terms at around 47%, about 10 volatility points higher than last month, indicating a steady demand from investors for protection.

According to the official announcement, Bitget has launched the U-based ROBO perpetual contract, with a leverage range of 1-20 times. The contract trading BOT will be opened simultaneously.

On-chain data from Glassnode shows that during the significant pullback of Bitcoin, the market experienced notable accumulation of chips in the $60,000 to $70,000 range, with over 400,000 BTC being accumulated by investors, indicating strong "bottom-fishing" behavior. The supply of BTC in this price range has increased from approximately 997,000 to about 1,430,000, an increase of around 429,000, representing a growth of 43%.Currently, more than 8% of the circulating supply outside of exchanges has its cost basis concentrated in this range, and a dense holding zone has already formed.

Hyperbot data shows that Brother Ma Ji, Huang Li Cheng, has just made a small increase in his 25x leveraged Ethereum long position, currently holding approximately 3,300 ETH, with an unrealized profit of about $100,000 and a liquidation price of around $1,878. In addition, Brother Ma Ji has also placed 25 limit sell orders in the range of $1,965 to $2,050, with a total selling quantity of 950 ETH.

The cryptocurrency research institution 10x Research published an analysis on the X platform, pointing out that Ethereum is at a critical stage of dual testing in terms of valuation and fundamentals. The market needs to determine whether its current slump is a cyclical bottom or if it is facing deeper structural damage.The Ethereum treasury company Bitmine is currently bearing a paper loss of about $8.8 billion, exceeding the loss scale of approximately $8 billion experienced by clients at the initial stage of the FTX collapse. The company's significant accumulation of ETH amid weakening demand and ETH prices approaching April 2021 levels has further intensified market controversy. This comparison highlights the potential for significant divergence in capital allocation outcomes and how timing and governance decisions determine the ultimate attribution of long-term value creation.Ethereum's current trading price is nearing a critical valuation and cost range, and its core value proposition is facing structural scrutiny. Investors need to carefully assess whether Ethereum is indeed in a cyclical trough or is entering a deeper stage of structural damage.

According to the official announcement, Bitget has launched the U-based OPN pre-contract with a leverage range of 1-20 times. Users can trade through the official website or the Bitget APP.

According to Hyperbot data, Huang Licheng has once again placed multiple limit sell orders for Ethereum during the early hours of today. Currently, a total of 14 limit sell orders for ETH have been placed in the range of $1980 to $2025. His 25x leveraged long position in Ethereum still holds 7,800 ETH, with a liquidation price of approximately $1905, resulting in an unrealized loss of about $137,000.

Bitfinex released an analysis report indicating that the decline in inflation in the U.S. market and the rise in interest rate cut expectations provide psychological support for risk assets, but the cryptocurrency market is more likely to experience phase fluctuations rather than a one-sided trend.The expansion of the Federal Reserve's balance sheet reduces systemic liquidity risks, which historically tends to benefit scarce assets like Bitcoin. However, the current pace of liquidity recovery is relatively slow, and selling pressure on spot Bitcoin re-emerged earlier this week, with cumulative sell-offs reaching several billion dollars. Although the market's ability to absorb sell orders has improved compared to before, on-chain indicators show that the adjusted SOPR (Spent Output Profit Ratio) has dropped to the range of 0.92–0.94, reflecting that most cryptocurrencies are being transferred at a loss, indicating that structural pressure still exists.The current macro environment provides a certain liquidity buffer for the cryptocurrency market, but it is still insufficient to support a sustained bull market. Bitcoin has tactical rebound potential in the short term, while long-term structural upward movement requires clearer signals of declining inflation and sustained spot demand support.

CryptoQuant's Bull-Bear Index recently hit its lowest point since the FTX collapse in 2022. This indicator measures market momentum by the difference between the market profit and loss index and its 365-day moving average. Historical data shows that similar extreme bear market levels often signal the formation of a bottom.

According to Cointelegraph, despite ETH's cumulative decline of about 20% and briefly falling below the psychological level of $2,000, on-chain data and derivatives structure indicate that the market is brewing a potential rebound.On-chain data shows that over 2.5 million ETH flowed into long-term holding addresses in February, with the holdings of related addresses increasing from 22 million to 26.7 million since 2026. At the same time, approximately 37.22 million ETH (accounting for over 30% of the circulating supply) is currently staked, leading to a continuous contraction of the circulating supply. The network's fundamentals have also significantly improved, with weekly transaction numbers reaching a historical high of 17.3 million, and the median Gas fee dropping to $0.008, a decrease of about 3,000 times from the peak in 2021.On the technical side, ETH's 4-hour chart may be forming an "Adam and Eve bottom" reversal pattern. If the price effectively breaks through the neckline at $2,150, the theoretical target range points to $2,473--$2,634. If it loses the recent high-low structure, $1,909 will be a key short-term liquidity level.In terms of derivatives, the open interest in ETH has decreased to $11.2 billion, significantly down from the cycle high of $30 billion in August 2025, but the estimated leverage ratio remains at a relatively high level of 0.7. Data shows that approximately 73% of accounts are in a long position; the liquidation heatmap indicates that there is over $2 billion in short liquidation pressure above $2,200, while the liquidation scale for long positions around $1,800 is about $1 billion, with a relatively higher risk of short squeezes above.Analysts believe that if ETH can achieve an effective breakout above $2,150, it may open up upward space in the short term, targeting the $2,500 level.

CryptoQuant analyst @AxelAdlerJr posted that the Bitcoin basis (7-day simple moving average) has fallen back to a neutral range, as the premium between spot and futures has significantly narrowed.He pointed out that this change indicates a weakening demand for establishing long exposure through derivatives, and the market is no longer pricing in an aggressive risk appetite scenario. Typically, this means a decline in risk appetite, the initiation of a deleveraging process, and investors shifting to a wait-and-see stance. Axel Adler Jr believes that the current derivatives market has failed to continue pushing prices upward, and for longs to regain momentum, they will need stronger spot buying support.

According to the official announcement, Bitget has launched the U-based ESP perpetual contract, with a leverage range of 1-20 times. The contract trading BOT will be opened simultaneously.

According to the official announcement, Bitget has launched the U-based AZTEC perpetual contract, with a leverage range of 1-20 times. The contract trading BOT will be opened simultaneously.

Chairman of Bitmine, Tom Lee, stated that Ethereum may experience a new round of V-shaped rebound after a recent decline, and it is currently close to the bottom range. He pointed out that since 2018, Ethereum has gone through 8 cycles of declines exceeding 50%, and all 8 have rebounded at a similar pace and achieved a 100% recovery.Despite the pressure on price performance, on-chain data shows that the demand for ETH staking remains strong. Currently, the waiting time for validators has risen to a historical high of 71 days, with approximately 4 million ETH queued for staking, and the total staking accounts for 30.3% of the circulating supply (about 36.7 million ETH).

According to Jinshi reports, a Reuters survey shows that out of 101 economists surveyed, 60 believe that the Federal Reserve will cut the federal funds rate by 25 basis points to a range of 3.25%-3.5% before the end of June.

According to CoinDesk, SkyBridge Capital founder Anthony Scaramucci stated that despite the recent market downturn, he is still buying Bitcoin. SkyBridge Capital has increased its Bitcoin holdings at $84,000, $63,000, and the current price range, but he did not disclose the specific quantities and amounts purchased. Additionally, Anthony Scaramucci shared his views on Layer 1, believing that the programmable blockchain Solana will become one of the largest blockchains by market share.

The Bitfinex Alpha report indicates that Bitcoin's performance in January has reached its lowest level since 2022, with the market structure shifting from a distribution phase to a sustained downtrend. Currently, the $60,000 to $74,000 range is a key battleground for Bitcoin, where the market may consolidate, digest losses, and adjust positions before it can more clearly determine whether this range will serve as a rebound bottom or a brief pause before further declines.Despite the short-term momentum remaining bearish, the convergence of various capitulation signals suggests that Bitcoin is entering a stabilization phase.

According to the official announcement, Bitget has launched the U-based TRIA perpetual contract, with a leverage range of 1-20 times. The contract trading BOT will also be opened simultaneously.

According to on-chain analyst Ai Yi's monitoring, Trend Research (0xFaf...840f) has allegedly sold 47,000 ETH in the past 6 hours to avoid liquidation, with a total value of 89.29 million USD.The institution continues to deposit 20,000 ETH to Binance, with the latest liquidation range being between 1,509 USD and 1,800 USD.