ETH Rebounds Breaks $2100, Market Stage Bottom Yet to Be Confirmed, Derivative Sentiment Still Skewed Bearish

BlockBeats News, February 10th, according to HTX market data, with Bitcoin and US stocks rebounding, the ETH price has risen above $2100. Previously, ETH experienced a 43% drop in 9 days, hitting a low of $1750, followed by a roughly 22% technical rebound. However, multiple data points indicate that the market remains cautious about ETH's short-term trend.

On the derivatives market front, the ETH two-month futures annualized premium is only about 3%, below the 5% neutral level, indicating a lack of trader risk appetite, with shorts still dominating. Even with the price rebound, derivatives sentiment has not significantly improved over the past month.

From an on-chain and fundamental perspective, ETH has underperformed the overall crypto market by about 9% since 2026, raising questions about fund flows. However, in TVL and fee income, Ethereum still maintains an absolute lead: its mainnet accounts for 58% of the entire industry's TVL, and if Base, Arbitrum, and Optimism are combined, the percentage exceeds 65%.

But issues are also prominent. Due to slowing on-chain activity, Ethereum has failed to maintain deflation, with the past 30 days seeing the ETH annualized supply growth rate rise to 0.8%, significantly higher than the close to 0% level a year ago. At the same time, concerns around subsidies and security on Layer 2 solutions continue to escalate. Vitalik Buterin recently stated that the emphasis should be on mainnet scaling again, acknowledging that some current L2 solutions still fall short in decentralization and security.

Analysis suggests that amid rising uncertainty in the US job market and doubts about the sustainability of AI infrastructure investments, overall risk appetite remains weak. The stagnation in the derivatives market reflects investors' lack of confidence in ETH's short-term sustainable reversal, and whether the phase bottom has been confirmed still requires more time and data validation.