#比特币对比代币化黄金 Observation on December 5, 2026

I've been watching ETH sell pressure data recently, and it's pretty interesting. After the pullback, that wave of selling pressure is clearly converging and is almost fully digested.

Looking back at records, there's a pattern: during that drop to $1,300 in the middle of the year, sell pressure also gradually decreased, and then the price took off. On the other hand, when the price surged in September, sell pressure suddenly spiked—this kind of abnormal action is usually someone offloading at the top.

Normally, price increases and sell pressure decreases go hand in hand. If the price is rising but sell pressure is also increasing? Be careful, that's probably a signal to be the exit liquidity.

Right now, sell pressure has dropped sharply. Based on past experience, this is often when a decent rally occurs. But as always, data is just a reference—the market is always more complex than any model.