On-chain data shows that Ethereum reserves on CEX continue to decrease, with only 18.39 million ETH remaining, marking the lowest level since October 2022. The same trend is observed in Bitcoin, with current Bitcoin reserves on CEX at about 2.52 million, also the lowest level since October 2022.

Don't forget, our current opponents are Wall Street and large institutions, these old-timers can be very tricky. Pay special attention to two indicators: significant and long-term bullish signals but with large institutional sell-offs, such as a single-day net outflow greater than 5%, is a danger signal!

2. If Ethereum holds above $4000 and the staking ratio breaks 35%, then on-chain scarcity will have real value support.