<p>大型機構繼續從流動市場中移除以太坊 [ETH]，而且這一趨勢沒有減緩的跡象。</p>
<p>Bitmine 最近質押了 86,848 ETH，價值 2.775 億美元，使其總質押持有量達到 177 萬 ETH，價值約 56.6 億美元。</p>
<p>與此同時，ETF 累計了 158,545 ETH，自去年底以來吸收了大約 5.2 億美元。這種穩定的吸收每天都在減少可用市場供應。</p>
<p>然而，價格並沒有立即反應。長期參與者顯然更重視收益和保管，而不是短期波動。與此同時，投機交易者則顯得猶豫不決。</p>
<p>因此，結構性積累與可見價格反應之間形成了越來越大的差距。最終，供應緊縮應該會產生影響。目前，耐心佔據主導。</p>
<h2><strong>為什麼 $3,390 限制了每次上漲嘗試</strong></h2>
<p>以太坊仍然被鎖定在一個明確的區間內，賣方繼續在 $3,390 附近施加控制。每次反彈進入這個區域都會吸引新的賣壓。</p>
<p>買方設法捍衞接近 $3,000 的下方區域，但在此點之上卻難以建立動能。因此，價格波動而不是趨勢。這種反覆的拒絕信號表明謹慎而非疲軟。</p>
<p>賣方捍衞關鍵水平，但避免激進的跟進。同時，買方選擇性介入，而不是追逐強勢。因此，價格進一步壓縮。整合主導了日常結構。</p>
<p>要改變市場情緒，必須在阻力位上有一個決定性的突破。在此之前，區間決定了行為。</p>
<p>動量指標強化了整合的敍述。在撰寫時，RSI 從低 50 區間回落，漂移向中 40 區間。這一變化反映出每次反彈後買方力量的減弱。</p>
<p>重要的是，RSI 並沒有顯示出看漲的背離。因此，動量並未為上漲突破提供確認。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/ETHUSD_2026-01-20_10-04-55.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/ETHUSD_2026-01-20_10-04-55.png"/></p>
<p>來源：TradingView</p>
<h2><strong>ETH 持續離開交易所</strong></h2>
<p>現貨流動分析繼續在表面下發出積極信號。以太坊記錄了持續的交易所流出，截止撰寫時，最新的日淨流出接近 -7260 萬美元。</p>
<p>交易者和長期持有者仍然更傾向於將 ETH 轉移到自我保管中。這種行為穩步減少了可用供應。</p>
<p>然而，價格並沒有立即反應。這種脱節讓短期參與者感到沮喪。</p>
<p>儘管如此，持續的流出往往會在供應驅動的走勢之前出現。與此同時，賣方未能強迫持續的下跌。</p>
<p>因此，儘管動量疲弱，價格仍然穩定。交易所的行為反映了持有者的信心，而非恐懼。隨着時間的推移，這一趨勢應該會進一步收緊市場條件。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-20-100822.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-20-100822.png"/></p>
<p>來源：CoinGlass</p>
<h2><strong>資金保持積極但…</strong></h2>
<p>衍生品市場繼續發出猶豫而非信心的信號。資金利率在撰寫時保持在 0.0042 附近，較之前被壓制的水平上漲了大約 +1,900.87%。</p>
<p>這一反彈表明相對槓桿已經迴歸。然而，絕對資金水平仍然適中。多頭仍在支付空頭，但並不急於追逐。</p>
<p>因此，槓桿參與保持受限。交易者似乎不願意積極追逐上漲。</p>
<p>與此同時，資金利率拒絕轉為負值，這也表明空頭缺乏信心。</p>
<p>因此，槓桿未能放大價格行動。在沒有持續擴張的資金情況下，以太坊難以產生持久的突破，仍然被困在整合中。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Ethereum-Funding-Rates-All-Exchanges-4-scaled.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Ethereum-Funding-Rates-All-Exchanges-4-scaled.png"/></p>
<p>來源：CryptoQuant</p>
<p>以太坊仍然夾在強大的結構性積累與疲弱的短期信心之間。</p>
<p>機構繼續鎖定供應，但動量和槓桿尚未確認上漲走勢。隨着資金平穩和 RSI 低迷，價格可能會整合。</p>
<p>在 $3,390 阻力位上方的決定性突破，伴隨更強的動量，將表明緊縮的供應終於推動價格上漲。</p>
<hr/>
<h2><strong>最後的思考</strong></h2>
<ul>
<li><em>結構性積累傾向於耐心，但價格需要信心才能回報長期持有者。</em></li>
<li><em>以太坊的下一步取決於參與的迴歸，而不僅僅是供應的收緊。</em></li>
</ul>

<p>以太坊的供應量正在減少，因為大型機構繼續從流通中移除 ETH，同時進行大量質押和 ETF 積累。然而，由於賣壓和謹慎的買入，價格仍然停滯在$3,390 以下。儘管持續的交易所流出表明持有者信心強烈，但動量指標顯示買方力量正在減弱。資金費率為正，但缺乏緊迫感，導致槓桿參與受到限制。需要在$3,390 以上有一個決定性的突破才能推動價格上漲，但目前，以太坊正在整合，結構性積累仍在繼續，短期內缺乏信心</p>

<p>Large institutions continue removing Ethereum [ETH] from liquid circulation, and the pace shows no sign of slowing.</p>
<div class="lb-trans"><p>大型機構繼續從流動市場中移除以太坊 [ETH]，而且這一趨勢沒有減緩的跡象。</p>
</div><p>Bitmine recently staked 86,848 ETH worth $277.5 million, pushing its total staked holdings to 1.77 million ETH valued at around $5.66 billion.</p>
<div class="lb-trans"><p>Bitmine 最近質押了 86,848 ETH，價值 2.775 億美元，使其總質押持有量達到 177 萬 ETH，價值約 56.6 億美元。</p>
</div><p>Meanwhile, ETFs accumulated 158,545 ETH, absorbing roughly $520 million since late December. This steady absorption reduces available market supply day after day.</p>
<div class="lb-trans"><p>與此同時，ETF 累計了 158,545 ETH，自去年底以來吸收了大約 5.2 億美元。這種穩定的吸收每天都在減少可用市場供應。</p>
</div><p>However, the price refuses to react immediately. Long-term participants clearly prioritize yield and custody over short-term volatility. At the same time, speculative traders hesitate.</p>
<div class="lb-trans"><p>然而，價格並沒有立即反應。長期參與者顯然更重視收益和保管，而不是短期波動。與此同時，投機交易者則顯得猶豫不決。</p>
</div><p>As a result, a widening gap forms between structural accumulation and visible price response. Eventually, tightening supply should matter. For now, patience dominates.</p>
<div class="lb-trans"><p>因此，結構性積累與可見價格反應之間形成了越來越大的差距。最終，供應緊縮應該會產生影響。目前，耐心佔據主導。</p>
</div><h2><strong>Why $3,390 caps every upside attempt</strong></h2>
<div class="lb-trans"><h2><strong>為什麼 $3,390 限制了每次上漲嘗試</strong></h2>
</div><p>Ethereum remains locked inside a clearly defined range, and sellers continue asserting control near $3,390. Each rally into this zone attracts fresh selling pressure.</p>
<div class="lb-trans"><p>以太坊仍然被鎖定在一個明確的區間內，賣方繼續在 $3,390 附近施加控制。每次反彈進入這個區域都會吸引新的賣壓。</p>
</div><p>Buyers manage to defend the lower region near $3,000, yet they struggle to build momentum beyond that point. Consequently, price oscillates rather than trends. This repeated rejection signals caution rather than weakness.</p>
<div class="lb-trans"><p>買方設法捍衞接近 $3,000 的下方區域，但在此點之上卻難以建立動能。因此，價格波動而不是趨勢。這種反覆的拒絕信號表明謹慎而非疲軟。</p>
</div><p>Sellers defend key levels but avoid aggressive follow-through. Meanwhile, buyers step in selectively instead of chasing strength. Therefore, price compresses further. Consolidation dominates daily structure.</p>
<div class="lb-trans"><p>賣方捍衞關鍵水平，但避免激進的跟進。同時，買方選擇性介入，而不是追逐強勢。因此，價格進一步壓縮。整合主導了日常結構。</p>
</div><p>A decisive break above resistance remains necessary to change sentiment. Until then, the range dictates behavior.</p>
<div class="lb-trans"><p>要改變市場情緒，必須在阻力位上有一個決定性的突破。在此之前，區間決定了行為。</p>
</div><p>Momentum indicators reinforce the consolidation narrative. At the time of writing, the RSI rolled over from the low-50s and drifted toward the mid-40s. This shift reflects fading buyer strength after each rebound.</p>
<div class="lb-trans"><p>動量指標強化了整合的敍述。在撰寫時，RSI 從低 50 區間回落，漂移向中 40 區間。這一變化反映出每次反彈後買方力量的減弱。</p>
</div><p>Importantly, RSI does not show bullish divergence. Therefore, momentum offers no confirmation for an upside breakout.</p>
<div class="lb-trans"><p>重要的是，RSI 並沒有顯示出看漲的背離。因此，動量並未為上漲突破提供確認。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/ETHUSD_2026-01-20_10-04-55.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/ETHUSD_2026-01-20_10-04-55.png"/></p>
<p>Source: TradingView</p>
<div class="lb-trans"><p>來源：TradingView</p>
</div><h2><strong>ETH keeps leaving exchanges</strong></h2>
<div class="lb-trans"><h2><strong>ETH 持續離開交易所</strong></h2>
</div><p>Spot flow analytics continues sending a constructive signal beneath the surface. Ethereum records consistent exchange outflows, with the latest daily netflow near -$72.6 million, as of writing.</p>
<div class="lb-trans"><p>現貨流動分析繼續在表面下發出積極信號。以太坊記錄了持續的交易所流出，截止撰寫時，最新的日淨流出接近 -7260 萬美元。</p>
</div><p>Traders and long-term holders still prefer moving ETH into self-custody. This behavior steadily reduces the readily available supply.</p>
<div class="lb-trans"><p>交易者和長期持有者仍然更傾向於將 ETH 轉移到自我保管中。這種行為穩步減少了可用供應。</p>
</div><p>However, price does not respond immediately. That disconnect frustrates short-term participants.</p>
<div class="lb-trans"><p>然而，價格並沒有立即反應。這種脱節讓短期參與者感到沮喪。</p>
</div><p>Still, persistent outflows often precede supply-driven moves. Meanwhile, sellers fail to force sustained breakdowns.</p>
<div class="lb-trans"><p>儘管如此，持續的流出往往會在供應驅動的走勢之前出現。與此同時，賣方未能強迫持續的下跌。</p>
</div><p>Therefore, price stabilizes despite weak momentum. Exchange behavior reflects conviction among holders rather than fear. Over time, this trend should tighten conditions further.</p>
<div class="lb-trans"><p>因此，儘管動量疲弱，價格仍然穩定。交易所的行為反映了持有者的信心，而非恐懼。隨着時間的推移，這一趨勢應該會進一步收緊市場條件。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-20-100822.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-20-100822.png"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>來源：CoinGlass</p>
</div><h2><strong>Funding stays positive but…</strong></h2>
<div class="lb-trans"><h2><strong>資金保持積極但…</strong></h2>
</div><p>Derivatives markets continue signaling hesitation rather than confidence. Funding Rates remained positive near 0.0042, at press time, with the metric up roughly +1,900.87% from previously suppressed levels.</p>
<div class="lb-trans"><p>衍生品市場繼續發出猶豫而非信心的信號。資金利率在撰寫時保持在 0.0042 附近，較之前被壓制的水平上漲了大約 +1,900.87%。</p>
</div><p>This rebound shows leverage has returned on a relative basis. However, the absolute funding level remains modest. Longs still pay shorts, yet they do so without urgency.</p>
<div class="lb-trans"><p>這一反彈表明相對槓桿已經迴歸。然而，絕對資金水平仍然適中。多頭仍在支付空頭，但並不急於追逐。</p>
</div><p>As a result, leverage participation stays restrained. Traders appear unwilling to chase upside aggressively.</p>
<div class="lb-trans"><p>因此，槓桿參與保持受限。交易者似乎不願意積極追逐上漲。</p>
</div><p>At the same time, funding refuses to flip negative, indicating bears lack conviction as well.</p>
<div class="lb-trans"><p>與此同時，資金利率拒絕轉為負值，這也表明空頭缺乏信心。</p>
</div><p>Therefore, leverage fails to amplify price action. Without a sustained expansion in funding, Ethereum struggles to generate a durable breakout and remains trapped inside consolidation.</p>
<div class="lb-trans"><p>因此，槓桿未能放大價格行動。在沒有持續擴張的資金情況下，以太坊難以產生持久的突破，仍然被困在整合中。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Ethereum-Funding-Rates-All-Exchanges-4-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Ethereum-Funding-Rates-All-Exchanges-4-scaled.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>來源：CryptoQuant</p>
</div><p>Ethereum remains caught between strong structural accumulation and weak short‑term conviction.</p>
<div class="lb-trans"><p>以太坊仍然夾在強大的結構性積累與疲弱的短期信心之間。</p>
</div><p>Institutions continue to lock supply, but momentum and leverage have yet to confirm an upside move. With funding muted and RSI subdued, the price is likely to consolidate.</p>
<div class="lb-trans"><p>機構繼續鎖定供應，但動量和槓桿尚未確認上漲走勢。隨着資金平穩和 RSI 低迷，價格可能會整合。</p>
</div><p>A decisive break above the $3,390 resistance, backed by stronger momentum, would indicate that tightening supply is finally pushing the price higher.</p>
<div class="lb-trans"><p>在 $3,390 阻力位上方的決定性突破，伴隨更強的動量，將表明緊縮的供應終於推動價格上漲。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最後的思考</strong></h2>
</div><ul>
<li><em>Structural accumulation favors patience, but price needs conviction before rewarding long-term holders.</em></li>
<li><em>Ethereum’s next move depends on participation returning, not just supply tightening alone.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>結構性積累傾向於耐心，但價格需要信心才能回報長期持有者。</em></li>
<li><em>以太坊的下一步取決於參與的迴歸，而不僅僅是供應的收緊。</em></li>
</ul>
</div>

Ethereum supply shrinks: So why is ETH still stuck below $3,390?

- 大型機構持續從流通中移除以太坊，未見減緩跡象。  
- 機構鎖定供應，但短期動能不足，價格持續整理。  
- 突破 $3,390 阻力並需強動能，以推動價格上漲。

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以太坊的供應量減少：那麼為什麼 ETH 仍然徘徊在$3,390 以下呢？