The ongoing ETH/BTC ETF sell-off that started in early November has lasted for several months, marking the most intense sell-off since April 2025. Market sentiment has gradually cooled amid repeated declines, and many investors' patience has been slowly worn thin.

Behind this wave of selling, the temporary reduction in institutional investors' allocations is the true driving force. When large buy orders are missing, market liquidity begins to tighten—in plain terms, available trading funds decrease, market vitality diminishes, and prices remain stuck at low levels for an extended period.

But the situation is changing. The sell-off wave has gradually entered its final stages. Although prices haven't yet responded strongly, the real market recovery window is expected to open after the July 26th super options expiration date. This timing is crucial and could serve as a turning point for both sentiment and technical indicators.

This current phase is like darkness before dawn, testing both judgment and patience. During the process of liquidity moving from extreme tightness to gradual recovery, managing risk and holding onto key support levels is the right approach. The price bottom has been repeatedly confirmed, and now it depends on who can stay calm before the rebound begins.