Ethereum is under strain: strong holder conviction is colliding with persistent selling pressure, leaving prices pressured even as accumulation quietly builds behind the scenes. What the data shows - Exchange outflows: Since Feb. 11, at least 100,000 ETH has been withdrawn from exchanges, AMBCrypto reports. Crypto analyst Ali Martinez has highlighted even larger exchange withdrawals totaling roughly 330,000 ETH (about $660 million), reinforcing the narrative that sophisticated participants are accumulating off-exchange. - Staking queue at record levels: The validator deposit waiting list has spiked — the entry queue now carries a roughly 71-day wait and nearly 4.1 million ETH sits in the deposit waiting queue, an all-time high. That backlog signals long-term staking conviction from holders. - ETF flows and derivatives: Glassnode noted on X that the 30-day moving average of spot ETF netflows for both Bitcoin and Ethereum has been negative for the past three months, and Open Interest has fallen substantially. That persistent outflow and shrinking OI underline continued bearish pressure in the market. - Funding rates and short interest: Santiment flagged that ETH’s funding rate has been deeply negative for much of the last two weeks — the most extreme wave of short positioning since August 2024. Heavy shorting reflects broad bearish sentiment but also increases the potential for a sharp short squeeze if market sentiment flips. Corporate accumulation amid the chaos Digital-asset treasuries have generally held ETH, but one firm stands out: Bitmine Immersion Technologies (BMNR) has added aggressively, accumulating about 820,000 ETH since mid-November and roughly 180,000 ETH in the past 30 days, according to AMBCrypto. Their buying shows conviction from at least one corporate buyer despite recent market weakness. What it means for traders and investors Taken together, the outflows, staking backlog and corporate buying point to meaningful long-term conviction among holders. However, those bullish signals haven’t been enough to overcome dominant selling pressure. Glassnode’s and Santiment’s data imply the market remains biased to the downside for now — demand hasn’t re-emerged at scale, and more downside is possible. While long-term investors may view current levels as buying opportunities, history warns that bear-market bottoms often take months to form; dramatic V-shaped recoveries are uncommon. Sources and caveat Data and commentary referenced from AMBCrypto, Glassnode (X), Santiment (X), and analyst Ali Martinez. This summary is informational and not investment advice; crypto trading carries high risk — do your own research before making decisions. © 2026 AMBCrypto Read more AI-generated news on: undefined/news

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