Market remains eerily quiet, but anyone who has traded for years knows that this kind of calm often signals something brewing.

Looking at the candlestick chart, ETH has been hovering around the $2980 level for quite some time. Above is the $3000 psychological barrier, below is the support zone between $2880 and $2900. This back-and-forth friction has tested the patience of many traders.

But I have a feeling—this isn’t the end of the trend, but rather someone deliberately creating a false impression.

**01 The news seems bearish on the surface, but there’s more to the story**

Recent news appears chaotic, but this chaos actually reveals the underlying issue. On one hand, expectations of rate cuts are being challenged; on the other hand, crypto funds have experienced a short-term outflow of $952 million, with Ethereum alone accounting for $555 million. At first glance, this looks like a clear bearish signal.

However, if you only see the surface, you’re falling into a trap.

What are the truly smart funds doing? Although market sentiment is cautious, on-chain data tells a different story—large holders are quietly accumulating during price dips. This “say no but act yes” scenario has played out countless times in the crypto world.

Even more interesting, despite some redemptions from ETFs, the long-term holdings strategies of certain institutions remain unchanged. Data shows that one institution currently controls 4.066 million ETH, which is about 3.37% of the total ETH supply, and they have been increasing their holdings last week. This is not a sign of bearish sentiment.

**02 Narrow-range consolidation is the best time to build positions**

Think carefully—who benefits most from this low-volatility environment? Large institutional players who need time to accumulate. The calmer the market, the harder it is to detect their footprints. When the price finally breaks out, retail traders will realize too late that they’ve been left behind.

This is why every “calm before the storm” feels so unbearable—because during this period, the forces that will determine the next trend are quietly gathering.