Matrixport's analysis points out that recent Ethereum (ETH) buying activity has been primarily driven by spot buying rather than leveraged funds. From a technical perspective, despite the rebound over the past two to three weeks, the medium-term investment logic for ETH remains valid. Technical indicators continue to improve, on-chain data is recovering, and market pricing in pessimistic expectations has eased, reducing short-term downward pressure. Structurally, the current ETH options market is dominated by call options selling, while spot buying still holds an advantage, indicating more strategic position building than chasing the rally. This allows investors to retain some participation in the upward movement while realizing some volatility by selling call options to obtain premiums. Meanwhile, this round of buying is largely driven by spot purchases, giving the rebound stronger support and sustainability.