Ethereum is quietly warming up, with spot buying quietly building positions.

According to the latest analysis by Matrixport, Ethereum is currently in a mild recovery phase that the market has overlooked. Although the rebound may not seem significant on the surface, the driving force behind this rise is different from usual—continuous spot buying is quietly accumulating, rather than leverage-driven speculation. This indicates that long-term capital is quietly positioning itself.

On-chain signals shift, signs of recovery gradually emerge

From a technical perspective, the recovery signals for ETH are still spreading. Over the past two to three weeks, despite the rebound, the key point is that technical indicators are continuously improving, and on-chain data is beginning to show signs of warming. Most importantly, the market’s pricing of previous pessimistic expectations is starting to fade, directly easing short-term downward pressure. These subtle changes, though quiet, are enough to indicate a delicate shift in market sentiment.

Spot leading, options structure hints at strategic intent

Changes at the structural level are even more noteworthy. Currently, the Ethereum options market presents an interesting configuration: a large number of call options are being sold as the main strategy. What does this usually imply? Capital is participating in the upward trend while collecting premiums from selling options to enhance returns, and simultaneously hedging against volatility risk.

Meanwhile, spot buying continues to dominate, which is not blind chasing but more like a carefully designed strategic buildup. This combination allows participation in upside potential while maintaining flexibility in risk management.

Silent accumulation becomes the new market norm

The real driver behind this accumulation is spot buying, which directly strengthens the support for the rebound. Compared to rapid rises driven by leverage, this moderate recovery led mainly by spot is evidently more sustainable. According to the latest data, ETH is currently priced at $2930, with a 24-hour decline of 5.80%, and a circulating market cap of $35.314 billion. These figures reflect the genuine demand on the spot side supporting the price.

Rather than calling this a rebound, it’s more like a quiet accumulation of funds, laying the foundation for the next upward phase.