28.4 billion USD poured into ETH, but the price remains stagnant? The comment section is already filled with despair, with various voices saying "it's all over" and "it's time to rug pull" rising one after another. However, over the years of watching the market, I've noticed that it loves to teach lessons at times like these.

Let’s talk about yesterday's market. BTC was like it was drunk, jumping around with a fluctuation of 6000 USD, those with weak hearts would need fast-acting heart-saving pills. In contrast, ETH? It was as steady as an old official practicing Tai Chi within a fluctuation of 200 USD. Do you think this is weakness? Quite the opposite.

If no one wanted it, it would have already plunged along with BTC. The fact that it can remain stable under such heavy selling pressure only means one thing – there are people frantically buying at the bottom. This "strength in weakness" has a specific name in technical analysis: strong consolidation. Historically, this pattern often indicates a brewing significant market movement.

On-chain data is more interesting. The long-term locked amount of ETH has surpassed 28 million coins and is still increasing. The logic behind this number is simple: a large number of holders have locked their coins into staking, DeFi, and other long-term channels, and have no intention of selling in the short term.

What does a decrease in sell orders mean? It means that the supply side is tightening directly. It's like closing the gates of a reservoir to store water; when the gates are suddenly opened at a certain point in time, the impact of the water flow will be much greater than usual. The current ETH may be in this accumulation phase.

The market loves to punish those who are anxious, and it loves to reward those who can understand. Whether this phase of sideways movement is a trap or an opportunity, time will provide the answer.