#数字资产市场动态 Ethereum's recent performance has been a bit nerve-wracking. Large investors are holding tightly at the $2796 level, with unrealized gains approaching $4.8 billion. Since late November, they've been continuously adding 4.8 million tokens, creating a solid support level.

On the surface, it looks quite stable—the price is consolidating, the decline isn't as sharp, market volatility is decreasing, and the overall atmosphere seems quite calm. But behind this tranquility, there are actually many hidden risks.

The real issue lies in leverage. The leverage multiple for ETH has soared to 2.964, in other words, each dollar of spot holdings corresponds to nearly three dollars of leveraged positions. Capital activity is also quite subdued, and macroeconomic factors lack new driving forces. Under this structure, any slight shake in confidence or a sudden fluctuation could easily trigger chain liquidations. In the short term, ETH faces the possibility of rapid price surges driven by capital, as well as the risk of sudden drops forcing liquidations. The uncertainty in this market remains high, so close monitoring is essential.