Analysis: ETH's decline in early July caused over $300 million in long orders to be liquidated, and investors are less likely to sell in the short term

Ethereum prices fell 18% between July 1 and July 8, falling to a low of $2,826, and have now rebounded to around $3,070. Investors' disappointment is understandable, as $313 million of leveraged long positions were liquidated during this period. Although Ethereum's current price is still below the previous $3,400 support level, on-chain and derivative indicators show that traders are gradually regaining confidence. Data disclosed by on-chain analyst Leon Waidmann show that 40% of ETH supply is locked in pledges and DApps, while the supply of exchanges has decreased over the past month, and the number of ETH on exchanges has dropped from 13.34 million to 12.21 million. The reduction in the number of tokens that can be traded immediately means that investors are less likely to sell in the short term. (Cointelegraph)