#美国核心物价涨幅不及市场预估 Ethereum is currently in a quite tight supply state during this cycle.

Looking at exchange data reveals that the balance has been continuously decreasing, and the net outflow has entered the deepest and longest phase of this round. What does this indicate? Chips are shifting from exchanges into the hands of long-term holders. Fewer people are selling, so selling pressure naturally diminishes.

The price remains steady above $3,200, with both highs and lows trending upward. Conversely, genuine ETH available for sale in the market is becoming increasingly scarce. Will history repeat itself? Every time this kind of "supply vacuum" occurs, it’s often not the end of the market but the beginning of a major wave.

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