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ETH Positions on the Ethereum exchange have plummeted, and structural tightening has driven market changes.
The supply of Ethereum on the exchange has shown a long-term significant decline trend. Currently, the balance of Ethereum (ETH) on such platforms is 6.06 million, a huge drop compared with 22.9 million during the peak period of the network in June 2020. Sanitation estimates that this means a 73% reduction in the supply of easy-to-trade liquidity.
Supply loss and liquidity tightening
As more ETH moves away from the order book, there is correspondingly less supply in the market for selling or panic exits. This trend is due to the shift of ETH towards pledges, ETF packaging products, corporate treasury strategies and long-term custody. At the same time, verifiers are also locking out the encrypted asset to enhance network security.
Analysts pointed out that price increases do not necessarily require explosive growth in demand. As the supply of liquidity contracts, even a small wave of buying could have a greater impact on the market.
Key technical points and macro environment fluctuations
Crypto Patel pointed out that Ethereum is at a critical structural turning point, with its core range of focus ranging from US$2,567 to US$2,666. If a rejection is encountered in this region, the price may fall back to $2,150,$2,000 or even $1,800; conversely, if a close above $2,666 is confirmed on a higher time frame, a path to $3,100 or even $4,000 may be opened.
与此同时，分析师Daan Crypto Trades表示，在CLARITY法案投票及美联储（FOMC）会议前夕，资产价格再次经历了一段“过山车”式的剧烈波动。交易员们正围绕不确定性进行前置布局，这导致了高波动性，并致使多空双方均遭受损失。目前来看，针对该法案投票的乐观情绪有限。如果投票失败或被撤回，预计将进一步下行，随后进入震荡期直至FOMC会议；此后，价格走势有望恢复常态。
企业财库持续增持
在众多企业中，BitMine尤为引人注目，其稳步增加以太坊头寸。在过去一周内增持27,180枚代币后，BitMine现持有5,956,378枚ETH。鉴于以太坊总供应量为1.22亿枚，该公司目前持股比例达到4.9%。根据其“5%炼金术”战略，其明确目标是达到5%的持股比例。自2025年6月30日起每周购入代币以来，距离目标仅差2%，已完成98%的进度。目前，其大部分财库资产已投入质押，其中通过MAVAN验证者网络锁定的ETH达5,067,309枚，约占其持仓量的85%。
Tom Lee预测，年化质押收入将达到3.34亿美元；一旦整个ETH财库完成质押，这一数字将升至3.92亿美元。截至最新数据，Bitmine的加密货币、现金及高风险投资总价值已达158亿美元。
ETF资金流入强劲
Separately, the Ethereum ETF recorded a net inflow of nearly $197 million last week. On the last trading day,$216.4 million flowed into the fund, completely offsetting early outflows. The bullish momentum extended into the new week, bringing in another net inflow of $121 million on Monday, bringing the monthly total inflow closer to the $450 million mark.
