Ethereum institutional staking activities have intensified, with Bitmine increasing its holdings by 86,400 ETH (worth $266.3 million), bringing its total holdings to 1,080,512 ETH (worth $3.33 billion), effectively absorbing some supply. Although the price broke through the downward channel and stabilized around $3,090, it still faces resistance at $3,307. The funding rate surged 66.12% to 0.01275, indicating aggressive long leverage operations, diverging from the stagnant spot price. Short liquidations reached $564,780, exceeding long liquidations of $241,530, indicating increasing bearish pressure. Liquidity is concentrated between $3,050 and $3,200, forming the current trading range, with the market tightening and awaiting a potential breakout.