The Ethereum market has recently shown a complex situation. Data shows that Ethereum ETF has seen net inflows for 12 consecutive weeks, which should be a positive signal. However, market analysts warn that any rebound may be false until the price of Ethereum breaks through the $3600 threshold.

According to market observations, institutional investors seem to be adopting a contradictory strategy: they are publicly driving up prices while secretly selling off. Specifically, on August 1, the Ethereum ETF recorded a net inflow of 8,183 units, but at the same time, large holders (commonly known as "whales") sold approximately 38,000 ETH in the past week, cashing out around $138 million.

This behavior pattern has raised the alert of market participants. Some analysts believe that this may be a classic "pump and dump" strategy, which involves creating positive sentiment to drive up prices and then selling at a high position to profit. This strategy is not uncommon in the cryptocurrency market, but it may pose risks to ordinary investors.

In the current market situation, investors need to exercise extra caution and not be misled by short-term price fluctuations. Understanding the movements of large holders is crucial to avoiding potential risks. At the same time, it is important to recognize that the continuous net inflow into ETFs reflects the market's confidence in the long-term development of Ethereum.

Overall, the Ethereum market is currently in a delicate balance. It may continue to exhibit volatility in the short term, but long-term investors may be more focused on its fundamentals and technological developments. It is especially important to consider multiple factors comprehensively when making investment decisions.