According to online reports, analyst Carmelo Alemán quoted CryptoQuant data as saying that the holdings of strictly screened coin hoarding addresses (excluding trading platform addresses and historical outflows close to zero) exceeded 22.7465 million ETH on June 30, a surge of 35.97% from 16.7281 million ETH at the beginning of the month. The net purchase volume of these addresses for the month reached 6.0184 million ETH, setting a record for a single month. As of July 1, its average cost price was US$2,114.70, and it has achieved a floating return of 21.29% based on the current price of US$2565. In addition, ETH liquidity pledges increased from 34.546 million ETH to 35.526 million ETH in June, a net increase of nearly one million ETH in a single month (an increase of 2.83%). On July 1, the historical peak was refreshed to 35.564 million ETH. The analysis points out that most of the coin hoarding addresses are institutional investors, ETF funds and large households, some of which obtain income through head agreements such as Lido and Binance pledge, while waiting for price explosion. Carmelo Alemán explained that although the current ETH price has not broken through, institutions continue to record hoarding and locking, indicating that the market may be brewing a major rally. The divergence of data from price movements on the chain may be creating a "spring effect"-the longer the compression, the stronger the rebound.