After $ETH 4600, the market entered a "chip scarcity period"
The breakthrough of ETH at 4600 is not only a price breakthrough but also a significant change in the chip structure. On-chain data shows that the amount of staked locked assets continues to rise, and the circulating ETH is decreasing. Meanwhile, the buying power of institutions and retail investors is simultaneously increasing, leading to a supply-demand mismatch. Once this pattern is formed, price increases will accelerate. Looking back at history, every time this locking trend appears, the market often continues for several months. The target of 6000 in mid-September is actually a result of natural liquidity push. Entering the market at this moment is stepping on the starting point of scarcity premium.