#数字资产市场动态 Ethereum has recently experienced significant volatility. Over the past day, the price dropped from $2937.58 to $2904.13, a decline of 1.13%, with bearish sentiment quite strong. But the story behind this is actually quite complex.

First, the positive side. Ethereum has important network upgrades planned for 2026—"Glamsterdam" and "Hegota"—which will optimize Gas fees and strengthen decentralization. These are highly significant for the long-term development of the ecosystem. Interestingly, institutional players are not backing down. Large institutional research teams have accumulated over $2.1 billion worth of ETH positions and plan to continue buying the dip during price declines. This confidence is no joke.

However, pressure definitely exists. In the last 3 hours, the price even fell from $2960 to $2904, a drop of 9.42%. The RSI indicator dropped to 19.91, a typical oversold signal. More concerning is that Ethereum ETFs have experienced continuous outflows, totaling $72.36 million in funds leaving, with $52.7 million flowing out just yesterday. This indicates that institutional capital is withdrawing in an orderly manner.

The options market also provides insight. The scale of Ethereum put options expiring soon has reached $6 billion, dominating the market and increasing volatility and downward pressure. The funding data is straightforward—net inflows over the past 24 hours are negative, with a significant $12 million outflow in the last hour, indicating ongoing selling pressure.

Community opinions are divided. Some are optimistic about a rebound after the holiday, especially under the expectation of Federal Reserve rate cuts, focusing on key technical support levels. Others point out that liquidity is currently low, and risks are not small.

Overall, $ETH is in a tug-of-war between technical signals and market sentiment. The long-term outlook for upgrades remains positive, but recent funding flows and options market pressures are suppressing short-term performance. $BTC