The price of ETH has increased by 1.05% in the past 12 hours, showing a certain upward trend.
1. Institutional Interest: The significant accumulation by BitMine Immersion and BlackRock indicates growing confidence among institutions in Ethereum.
2. Deflationary Impact: The Fusaka upgrade destroys more than 1,500 ETH daily, forming a deflationary supply pattern that could enhance value.
3. Market Volatility: Recent ETF fund outflows and potential liquidation zones highlight the uncertainty of ETH's short-term price.
Highlights
1. Institutional Adoption: BitMine Immersion has significantly increased its Ethereum holdings, currently owning 3.2% of the circulating supply and planning to accumulate to 5%. BlackRock continues to purchase ETH as well.
2. Deflationary Model: The Fusaka upgrade (EIP7918) now destroys over 1,500 ETH daily, moving Ethereum towards a structural deflationary model that may positively impact value.
3. Whale Accumulation: A significant market participant has increased their long position by 24,000 ETH, bringing the total value of their ETH position to $542 million, showing strong confidence.
Risks
1. ETF Fund Outflow: Ethereum spot ETFs experienced net outflows for two consecutive days, totaling over $61 million, indicating potential selling pressure from institutional investors.
2. Macroeconomic Headwinds: The Bank of Japan is expected to raise interest rates on December 19 and may raise rates further in 2026, which historically could lead to declines in the cryptocurrency market.
3. Liquidation Risk: Coinglass data shows that ETH faces a "liquidation death triangle" with $1.59 billion in short positions at the $3,243 price level and $1.06 billion in long positions at the $2,936 price level, indicating the possibility of significant volatility. #加密市场反弹 $BTC
