Analyst

Analyst: The buying power of high-positioned addresses for ETH in this round has been exhausted, and a strong rebound may require the market to re-establish consensus

ChainCatcher news reports that on social media, on-chain data analyst Murphy published statistics stating that the cost basis for ETH accumulated from January to February 2025 is roughly between $3,200 and $3,500. A cluster of addresses has been intensively accumulating at $3,475, totaling 1.66 million ETH. This group did not sell during the drop of ETH to $1,900 and instead added to their positions, currently holding 1.94 million ETH with a reduced cost basis of $3,150.Additionally, the cost basis for the chips accumulated in mid-February 2025 is approximately between $2,600 and $2,800. This group started to cut losses as the ETH price fell below $2,300, and currently, only the chips at $2,800 and $2,630 remain unchanged, holding 1 million and 850,000 ETH respectively.As the price of the coin continues to decline, new demand for ETH has gradually weakened, especially after the price fell below $2,000, where data shows there is almost no new purchasing power.Murphy explains that the high-position trapped chips, after a series of self-rescue replenishments, now seem to have exhausted their purchasing power; the current price of $1,850 is the cost price for large holders who accumulated two years ago. When the price drops to this level, they start to replenish (buying back parts sold at high positions to average down costs), thus forming a support effect. If this price level cannot provide support, the decline may reach $1,600 and $1,250, which are the "remaining support levels from three years ago's accumulation."From the overall behavior of current investors, the most important factor is still the reconstruction of consensus on ETH's value. If an effective consensus cannot be formed, the currently trapped chips at high positions of $2,630 (850,000), $2,800 (1 million), and $3,150 (1.945 million) will all become significant obstacles on the path to recovery.

Analyst: Historical data shows that venture capital prefers AI over cryptocurrency

ChainCatcher news, CoinDesk analyst Sam Reynolds stated that according to Pitchbook data, venture capital financing in the U.S. cryptocurrency sector was approximately $861 million in the first quarter of 2025, while the AI industry attracted nearly $20 billion, with funding still clearly leaning towards artificial intelligence. Major financing in the AI sector includes: Databricks $15.3 billion, Anthropic $2 billion, totaling 795 transactions. The largest financing in the cryptocurrency industry was Abu Dhabi MGX's investment of $2 billion in Binance, with other financings including Mesh $82 million, Bitwise $70 million, and Sygnum Bank $58 million.Historical data shows that AI financing grew from $670 million in 2011 to $36 billion in 2020, with an overall growth rate far exceeding that of the cryptocurrency sector, where in 2021, a classification adjustment briefly caused cryptocurrency financing to surpass AI. Despite the dominance of AI funding, the cryptocurrency industry still obtains funds through unique mechanisms such as airdrops, which generated a total of $700 million from the top 11 airdrops from 2020 to 2024.According to Statista data, historical data shows that venture capital has generally favored artificial intelligence (AI) over cryptocurrencies, with funding for AI and machine learning continuing to grow and expand exponentially, increasing from $670 million in 2011 to $36 billion in 2020.
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