Matrixport: ETH faces increased short-term risks due to Bitmine buying exits and a lack of new capital to sustain the rally.

Matrixport released a chart today stating that two weeks ago we pointed out that Ethereum's short-term risks were accumulating: throughout the summer, incremental buying primarily came from Bitmine, whose sustained buying power largely supported prices and market sentiment. While Bitmine buying was subsiding, Ethereum-related ETFs had already seen net inflows of approximately $10 billion, and related long positions were already at a relatively high level. Without new funds to follow suit, the downward pressure on prices has clearly increased. To date, Ethereum has seen a cumulative pullback of approximately 10% this year, and a decline of nearly 20% since we first warned of the risks. The deleveraging process by longs is largely consistent with our previous assessment. This trend is one of the noteworthy negative developments in the crypto market this year, but it also reaffirms an important fact: adhering to data-driven principles is essential to gradually build a genuine advantage in investment and trading.