#数字资产市场动态 ETH has rebounded 2.72% in the past 12 hours, indicating that the bulls still have some strength. This rebound broke through short-term moving averages, suggesting that market sentiment may be shifting, but whether it can sustain depends on subsequent developments.

From a capital perspective, there are indeed many positive signals. Recently, BlackRock deposited $22.41 million (equivalent to 7,557 ETH) into a compliant platform. Such large institutional inflows are no small matter and reflect ongoing confidence in Ethereum. Meanwhile, whales continue to buy the dip; one major holder recently spent $16.10 million to purchase 5,500 ETH, and since December 3rd, they have withdrawn over 34,400 ETH (worth $107 million). This steady accumulation indicates a relatively optimistic outlook for the market.

From a technical perspective, the Ethereum core development team plans to implement two major upgrades in 2026—"Glamsterdam" and "Hegota"—aimed at optimizing scalability, improving efficiency, and enhancing security. These potential improvements could serve as long-term value drivers.

However, risks are also present. Ethereum ETFs have been experiencing continuous outflows, with a single-day withdrawal of $72.36 million, not to mention earlier this month when a large withdrawal of $209 million occurred. This suggests that institutions are adjusting their positions. Additionally, record-breaking $270 billion worth of $BTC and $ETH options are approaching expiration, which could trigger short-term volatility, prompting traders to stay alert around these times. Most concerning is the capital flow data—over the past 24 hours, 17 four-hour periods showed net outflows, with one period even seeing outflows of $19.34 million. Such selling pressure should not be underestimated.