#以太坊行情解读 Many people are still on the sidelines, but on-chain data has already spoken the truth — this market cycle is indeed different.

Let's first look at the $BTC situation. The Bitcoin holdings on exchanges have fallen to the lowest levels since 2018, what does this mean? Selling pressure is drying up. Once large sell orders disappear, there is no longer any force pushing the price down. There are rumors in the market that BTC targets $100,000, and this is not just wishful thinking — institutional giants like BlackRock have already started adjusting their holdings, and sovereign funds are quietly positioning themselves. The recent 5000-point surge yesterday clearly demonstrated the strength of the main players: if they want to push, they can push.

The story of $ETH is even more interesting. Signals such as the Bhutan government staking, whales accumulating nearly a million coins in three weeks, and exchange supply hitting a nine-year low — these are not isolated. On the technical side, an ascending triangle pattern has formed, and once a valid breakout occurs, a target above $4000 is not far off. Some say this is still a bear market, but I think it’s more like the phase before a rocket launch — fueling up.

The rhythm of history often goes like this: $BTC leads the market sentiment, $ETH takes over with the main upward wave, then altcoins rotate. The key now is — whales are increasing their positions rather than reducing, institutions are entering rather than fleeing, and on-chain selling pressure is almost gone. So this is not a "just watch" market, but a real moment to deploy.

Technical analysis, on-chain data, and institutional movements all point in the same direction. The last shakeout and consolidation may still come, but hold your core positions firmly and don’t be scared out by the final volatility.