Ethereum supply on exchanges hits a 9-year low:
1. Investors' willingness to hold long-term has increased, optimistic about its value, reducing selling pressure on exchanges.
2. Market trading: trading activity and liquidity have decreased, large transactions may have a greater impact on prices (volatility increases).
3. Ecological applications: Ethereum is increasingly used in DeFi, NFT, and other ecological scenarios, being locked rather than traded. $ETH