Bitunix Analyst: ETH rises to 4600 driven by increased holdings, nearing historical supply zone; follow the 4650–4900 resistance, operations must strictly control risks.

BlockBeats news, on August 13, Bitmine plans to refinance up to $20 billion to increase its holdings in Ethereum, aiming for a 5% share of the Circulating Supply, as market sentiment continues to heat up. ETH has risen to around 4600, testing the historical supply zone of 4650–4900 that overlaps with the 2021 peak; the previous high liquidity level of 4200 has been broken and turned into support, with structural support below at 3300. Bitunix analysts suggest that Bitmine's increase plan is a "long-term capital commitment," positively affecting the supply and demand structure, but this is a medium- to long-term factor that cannot change the reality of short-term market pressure in the historical supply zone. Meanwhile, the increase in institutional Holdings will raise liquidity concentration, which will amplify gains during a bull run, but will also exacerbate declines during pullbacks. Attention should be paid to the market's possible reaction of "buying the expectation, selling the fact," so it is not advisable to chase the price solely based on positive news. Currently, prices are close to the historical supply zone and the derivation leverage is overheated; although the long-term bullish logic remains unchanged, the short-term faces dual pressures from the supply wall and overheated leverage.