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I looked at a set of on-chain data for Ethereum and want to share my thoughts with everyone. The recent seven days show a destruction of 72 tokens, but an issuance of 18,691 tokens. The discrepancy itself clearly indicates the issue.
Let's do the math from a different perspective. There are 52 weeks in a year. At this issuance rate alone, the new Ethereum tokens amount to over 930,000. Based on a benchmark price of $3,000, this implies an annual issuance pressure of $2.8 billion entering the market.
This is exactly what I have been emphasizing—if you want to truly drive up Ethereum's price, the corresponding capital must be substantial. Not only to cope with these constantly flowing new tokens but also to protect the market. Just this annual issuance pressure of $2.8 billion is enough to give any bottom-fisher headaches.
Without sufficient buy-in funds, this structural selling pressure will persist. This is not just a short-term market sentiment issue but a real challenge within the on-chain economic model.