#以太坊行情解读 $ETH

**Ethereum Spot Analysis 20251219 13:00 UTC**

The past 24 hours, ETH has increased by 0.32%, currently near a key resistance level. The market shows an interesting structural divergence.

**What are institutions doing**

Major institutions are quietly accumulating. A leading crypto asset management firm has increased its ETH holdings by 138,452 ETH over the past week. What does this indicate? Investment institutions remain optimistic about Ethereum's long-term prospects. Meanwhile, the ETH supply on exchanges has fallen to its lowest level since 2016, what does this mean—holders are reluctant to sell, and if new buying interest emerges, supply pressure will be minimal.

**Technical upgrades continue**

Ethereum's next major upgrade is named "Hegota." The development team has not halted, which is positive for network iteration and feature enhancement. However, Vitalik Buterin recently expressed a concern: Ethereum is becoming increasingly complex, which could harm its core trustless property, especially regarding the requirements for individual validators. This is a noteworthy issue.

**But there's another voice in the market**

The derivatives market shows a bearish sentiment, with funding rates negative, indicating more short positions. The US spot Ethereum ETF has experienced net outflows of $533 million for five consecutive days, including some large holders reducing their positions. This suggests there is significant selling pressure and disagreement in the market.

Overall, institutions are quietly accumulating, but short-term market sentiment remains uncertain.