The recent fund flows in the crypto market have been quite interesting, especially in the Ethereum sector. On one side, there is a continuous influx of deposit transactions, while on the other side, there is the risk of short positions being liquidated overhead. Whether the $3,100 level can be突破, could directly influence the market rhythm over the next half month.

Let's look at the most core data. In the past 24 hours, Ethereum experienced two明显的资金流入 on centralized exchanges—first 47,100 ETH, followed by another 117,300 ETH. This连续充币规模 has already far exceeded retail investors' capacity. Many people associate deposit inflows with potential selling pressure, but there's an easily overlooked detail: deposit inflows do not necessarily signal selling. The capital entering the market could be from大户集中筹码 preparing to go long, or it could be funds previously withdrawn that are re-entering after market sentiment improves. Considering the current market environment, the latter is more likely—恐慌指数 has risen from the "极度恐慌" zone to 28, and market sentiment is gradually recovering. At this point, capital entering the market usually indicates optimism about a subsequent rebound.

More值得关注的是多空力量对比. Data shows that if Ethereum突破s $3,100, the total short position清算规模 on major centralized exchanges could reach 629 million. What does this mean? A large number of short positions will be forced to close, and these liquidations will push prices higher, forming a short squeeze行情. But this is a双刃剑—if this突破 ultimately fails, the deposit inflows might reverse and sell off, and the consequences could be equally serious.

The key still depends on whether Ethereum can effectively站上 $3,100 this fortress.