Analysis: ETH's decline in early July led to the liquidation of over $300 million in long positions, and investors are less likely to sell in the sho

ETH fell by 18% between July 1 and July 8, hitting a low of $2,826, but has since rebounded to around $3,070. It is understandable that investors are disappointed, as $313 million in leveraged long positions were liquidated during this period. Although the current price is still below the previous support level of $3,400, on-chain and derivative indicators show that traders are gradually regaining confidence. On-chain analyst Leon Waidmann revealed data showing that 40% of ETH's supply is locked in staking and DApps, while the supply on exchanges has decreased over the past month, with the amount of ETH on exchanges dropping from 13.34 million to 12.21 million. The decrease in immediately tradable tokens means that there is less likelihood of short-term selling by investors.