$4.5 billion worth of ETH is being re-pledged: Is this a lock-up of inventory, or a lock-up of liquidity?

Bitmine intervenes again, pledging about 200,000 ETH, worth over $4.5 billion.
The news seems very simple, but its impact is very deep.
First, this is a typical pattern of "supply contraction."
ETH is locked in staking pools, reducing trading volume in the market, which theoretically supports the price.
But the problem lies in:
Now, ETH is not lacking in locking, but in storytelling.
From DeFi to NFTs, then to L2, a story has been told one after another.
But the current market has clearly entered a "story fatigue" phase.
So you will see a strange phenomenon:
* Increasing lock-ups
* And prices becoming more complex
Because what determines the price is not only supply, but also sentiment.
This round of pledging is somewhat like a long-term gamble:
Betting that ETH in the future will have #USSeeksStrategicBitcoinReserve new stories.#GateCard一拍即付