@qoop1113
5. On-chain Activity: 24h active addresses ≈ 489k. Weekly DEX volume hit ~$29.9B, up +23%. Demand for ETH blockspace remains healthy.
6. Supply & Staking: Gas stayed very low (0.6–0.9 gwei), meaning less burn—net issuance is roughly neutral. Staking ratio is ~29.64%, with only −0.01% change over 7 days. Structure remains steady.
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In short: This was a price-driven pullback plus leverage washout, not a collapse in fundamentals. Spot supply/demand structure is intact. The real bearish signal would be a clear, sustained rise in exchange reserves and consistent large inflows. Until then, I lean constructive on ETH mid- to long-term. For short-term players, scaling in on dips looks smarter than chasing.
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