#以太坊大户持仓变化 The rebound window for Ethereum is opening

Under the momentum of Bitcoin rushing towards 110,000, Ethereum's exchange rate has clearly bottomed out. Interestingly, this round of rebound logic is different from previous ones.

Let's first look at the most direct driving factors. The Layer 2 ecosystems like Base and Arbitrum have been accumulating for a whole year in 2025, and now their daily active user data is beginning to explode. The increase in on-chain interactions directly corresponds to a result—ETH's burn rate is soaring. The deflationary effect is beginning to show, and this supply-side pressure will inevitably be reflected in the price.

The second dimension is capital flow. Staking yields continue to rise driven by a surge in on-chain activity, attracting traditional institutional funds to "earn interest." Rather than speculation, it's more about long-term yield allocation. This stable buying pressure often provides the most resilient support.

The most critical point—ETH's performance relative to Bitcoin has already fallen seriously behind. A common logic in the late stage of a bull market is the rotation of funds, flowing from Bitcoin to other mainstream coins. This time, Ethereum is catching up.

From a technical perspective, the $5000 level has become a market consensus. According to this logic: stabilize at 5000 in the short term, then push towards new all-time highs. I am optimistic about high-quality projects related to the Layer 2 ecosystem, which may have greater upside potential.

Whether this number—January 2026—can be achieved depends on the market.