Matrixport: Ethereum Summer Narrative Retreats as Data Signals Have Long Been Indicated

[Matrixport: The Ethereum Summer Narrative is Retreating, Data Signals Already Indicated] Matrixport released a daily chart analysis stating, “Two weeks ago we warned that the stage risk of Ethereum was accumulating: throughout the summer, incremental buying mainly came from Bitmine, whose continuous buying power greatly supported the price and market sentiment.” While Bitmine is exiting its positions, Ethereum-related ETFs have previously accumulated a net inflow of approximately 10 billion USD. The related long positions are at a relatively high level, and in the absence of new capital to take over, the price is facing increased adjustment pressure. As of now, Ethereum has cumulatively corrected about 10% this year, and the decline has approached 20% since we first alerted to the risks. The process of long positions deleveraging is basically consistent with our previous judgment. This trend is one of the negative evolutions worth paying attention to in the crypto market this year, but it also reaffirms an important fact: adhering to data-driven analysis is essential to gradually establish a real advantage in investment and trading.