ETH rebounds and breaks through $2100, the market's temporary bottom is still difficult to confirm, and derivative sentiment remains bearish According to BlockBeats, on February 10th, as Bitcoin and the US stock market rebounded, the price of ETH rose above $2100. Previously, ETH plummeted by 43% within 9 days, hitting as low as $1750, followed by a technical rebound of approximately 22%. However, multiple data indicate that the market remains cautious about the short-term trend of ETH. In the derivatives market, the annualized premium of ETH two month futures is only about 3%, below the neutral level of 5%, indicating that traders have insufficient risk appetite and short positions still dominate. Despite the price rebound, the sentiment towards derivatives has not significantly improved over the past month. From both on chain and fundamental perspectives, ETH has underperformed the overall cryptocurrency market by about 9% since 2026, raising questions about the flow of funds. However, in terms of TVL and fee income, Ethereum still maintains an absolute lead: its main network accounts for 58% of the industry's TVL, and if Base, Arbitrarum, and Optimism are merged, it accounts for over 65%. But the problem is equally prominent. Due to the slowdown in on chain activity, Ethereum has failed to maintain deflation, and the annualized supply growth rate of ETH has risen to 0.8% in the past 30 days, significantly higher than the level close to 0% a year ago. At the same time, subsidies and security issues surrounding Layer2 continue to ferment. Vitalik Buterin recently stated that there should be a renewed emphasis on expanding the main network, and acknowledged that some L2 solutions currently do not meet the standards for decentralization and security. Analysis suggests that against the backdrop of rising uncertainty in the US job market and doubts about the sustainability of AI infrastructure investment, overall risk appetite remains weak. The sluggish derivatives market reflects investors' lack of confidence in the short-term sustainable reversal of ETH, and whether the temporary bottom is confirmed still needs more time and data verification.