According to CryptoQuant analyst CryptoOnchain, Ethereum market leverage is nearing a record high (ELR of 0.68). Binance's leverage ratio is 0.52, lower than other exchanges, indicating higher leverage usage. Furthermore, Binance's net inflow is significantly higher than the global exchange average, potentially indicating a risk of localized selling pressure.

Analysts point to medium-term positive factors including institutional demand and network growth. US Ethereum spot ETFs saw a record daily net inflow of $726.6 million, pushing total holdings above 5 million ETH (approximately $20.3 billion). Ark Invest and Fundamental Global each purchased 30,755 ETH and allocated $200 million worth of ETH to their treasury, demonstrating growing institutional confidence. Furthermore, record on-chain transaction volume, continued growth in staking participation, clear regulatory support for liquidity staking, and the upcoming Pectra and Fusaka upgrades are expected to enhance Ethereum's scalability and utility. In the short term, high leverage, resistance testing, and exchange inflows may trigger volatility, but strong institutional funding and upgrade expectations are likely to limit deep corrections and support the long-term uptrend.