[Analysis: Ethereum is being quietly accumulated, driven by spot rather than leverage] Matrixport analyzed in today's chart that Ethereum is being quietly accumulated, driven by spot rather than leverage. From a technical perspective, although there has been a rebound in the past two to three weeks, the medium-term allocation logic for ETH remains valid. The previously observed recovery signals are still ongoing: technical indicators continue to improve, on-chain data is warming up, and the market's pricing of pessimistic expectations has softened (at least at this stage), easing short-term downward pressure. On a structural level, the current ETH options market is dominated by selling call options, while spot-side buying remains strong, resembling strategic accumulation rather than simple chasing of price increases. This combination allows for retaining some upside participation while also collecting premiums by selling call options, monetizing part of the volatility. At the same time, this round of accumulation is more driven by spot buying, providing stronger support for the rebound and making its sustainability relatively higher.