2月25日消息，随着以太坊价格在本月累计下跌约37%，市场关注点转向Vitalik Buterin的链上资金动向。链上数据平台Arkham Intelligence显示，Buterin关联钱包在2月初约持有241,000枚ETH，而截至近期已降至约224,000枚，期间出现持续性资金流出，单月减少规模接近4300万美元，对ETH市场情绪形成额外扰动。
链上记录表明，这批以太坊并非一次性大额抛售，而是通过去中心化聚合交易方式分批兑换，属于典型的降低滑点策略。这种节奏意味着卖压呈现渐进式释放，而非短时冲击流动性。与此同时，以太坊价格已回落至约1900美元附近，弱势走势与持续资金转出形成共振，加剧投资者对短期趋势的谨慎预期。
此前，Vitalik Buterin在2026年1月曾宣布预留约16,384枚ETH（约4300万美元）用于支持隐私技术、开源硬件及安全软件研发，相关资金计划将在未来几年逐步部署。该举措被视为长期生态投入，而非单纯套现行为，但在价格下行周期中仍容易被市场解读为抛售信号。
基本面方面，当前仍有超过30%的以太坊供应处于质押状态，但年化收益率已压缩至约2.8%，相较无风险收益吸引力下降，削弱了锁仓动力。与此同时，企业级持仓者承压明显，部分机构在过去半年ETH价格大幅回撤背景下面临巨额浮亏，进一步放大市场对以太坊资金面和估值修复能力的讨论。
在宏观流动性偏紧与叙事驱动减弱的环境下，ETH价格走势正更多受链上抛压、质押收益变化及长期生态资金配置节奏共同影响，短期市场或持续关注关键支撑区间及大额地址的后续动向。
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