⚡️According to data from @santimentfeed, due to the increase in DeFi and staking activities, the available supply of Ethereum on exchanges has dropped to 8.97 million, a decrease of 16.4%, reaching a nearly 10-year low.

ETH still holds a core position in the staking economy and DeFi infrastructure, but why is the supply decreasing while the price isn't as strong?

I believe this is a distinction between short-term market imbalance and long-term value—

1⃣ The supply on exchanges is low, but recently, the activities of large whales and leveraged traders have significantly increased selling pressure, creating liquidation pressure on-chain.

2⃣ Although a large amount of ETH is locked in smart contracts or staking pools, the overall market sentiment is bearish under the macro environment, and the current DeFi staking yields are generally below expectations.

3⃣ A lack of narrative innovation has led to weak demand, with competing chains hyping "golden dogs" or ETF expectations diverting users, resulting in insufficient market enthusiasm for ETH.

In the short term, there may be a divergence between price and value, but the security consensus and underlying value built by Ethereum are actually the more valuable assets;

We can only trust in the underlying things that have been validated by time and recognized by the world, such as the status of DeFi infrastructure and the deflationary mechanism.

I am patient enough to wait; when these factors gradually transform into scarcity premiums, that will be the time of enlightenment!

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