@leon-waidmann
ETH is down 50% from its highs.
Staking rate? Still grinding at 29.7%.
No panic. No mass exits. No capitulation from the people actually running the network.
š¹ Price action says fear
š¹ On-chain behavior says conviction
This divergence tells you something. The marginal seller is a speculator.
The base layer holders aren't budging.
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