Ethereum (ETH) seems to be underperforming in terms of price despite positive sentiment among traders. On-chain data shows a steady increase in the number of Ethereum holders, indicating a bullish outlook for the altcoin. However, there have been large negative spikes in the Network realized profit/loss metric, suggesting some traders are selling ETH at a loss. This could indicate a potential price recovery in the near future as traders may be exchanging their ETH for stablecoins or other cryptocurrencies. Ethereum supply held by whales has also increased. Derivatives traders are anticipating a recovery in the price of Ethereum, but institutional interest in Ethereum ETFs does not show signs of growth, in contrast to Bitcoin. The percentage of ETH staked on Ethereum's staking contract has declined, presenting both opportunities and challenges for the network. Despite a bearish short-term outlook, institutional investors may see an attractive entry point for long-term accumulation, hinting at a potential market recovery.



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