After ETH 4600, the market enters a "chip scarcity period." The breakthrough of ETH 4600 is not only a price breakthrough but also a significant change in the chip structure. On-chain data shows that the amount of stake Lock-up Position continues to rise, and the circulating ETH is becoming scarcer. At the same time, the buying power of institutions and retail investors has strengthened simultaneously, resulting in a supply-demand mismatch.



Once this pattern is formed, the price increase will show an accelerated state. Looking back at history, every time this lock-up position trend appears, the market often continues for several months. The 6000 target in mid-September is actually the result of liquidity naturally pushing up. Entering the market at this moment is right at the starting point of the scarcity premium.
ETH-3.43%
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