ETH's changes are happening more in the "invisible" areas
If you only look at the price, recent ETH movements might not seem very dramatic; but when shifting the perspective to on-chain + ETF + DeFi capital flows, the structure is actually quite clear.
First, on-chain. Data shows that the number of cumulative Ethereum wallets continues to rise, and these addresses share only one characteristic: once bought, they do not move. During sideways price movement, ETH is being continuously transferred into low-liquidity addresses, which in itself indicates that circulating supply is tightening.
Next,
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