⚡ According to @ antimentfeed data, due to the increase in DeFi and staking activities, the available supply of Ethereum on the exchange has dropped to 8970000, a decrease of 16.4% in stock, reaching a new low in nearly 10 years. ETH still holds a central position in the staking economy and DeFi infrastructure, but why is the stock decreasing while the price is not as hard? I think this is a distinction between short-term market imbalance pains and long-term value—— one ⃣ The supply on the exchange is low, but the recent activities of whales and leveraged traders have significantly increased selling pressure, and there is clearing pressure on the chain. two ⃣ Although a large amount of ETH is locked in smart contracts or staking pools, the market sentiment is generally bearish in the macro environment, and the current DeFi staking returns are generally lower than expected. three ⃣ The lack of narrative innovation has led to weak demand, and competitive chains are speculating on "golden dogs" or ETFs to divert users, resulting in insufficient heat in the ETH market. In the short term, there may be a deviation between price and value, but the security consensus and underlying value built by Ethereum are actually the more valuable assets; We can only trust things that are at the bottom and have been time tested, recognized and linked by the world, such as DeFi infrastructure status and deflation mechanisms. I have the patience to continue waiting. When these factors gradually transform into a scarcity premium, it is the time when the light comes!