ETH's current contradictions are quite obvious: the price hasn't strengthened, but the lock-up and staking ratios are increasing. I lean more towards thinking this is a "chip sedimentation period" rather than a purely weak signal. Because staking essentially reduces the circulating supply, as ETFs gradually mature and RWA expansion increases long-term capital demand, the combination of the two can easily lead to supply and demand mismatches.

But risks cannot be ignored either. A large amount of ETH locked means decreased liquidity. If panic or yield decline occurs in the market, concentrated withdrawals could amplify volatility. So in the short term, it may not immediately take off; in the medium term, it looks more like accumulating structural opportunities.

If demand recovers later, I believe ETH's reversal might not be a slow rise but an accelerated pricing after supply contraction. #Gate广场披萨节