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

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