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Analysis: ETH's fall in early July led to the liquidation of long positions of over 300 million dollars, and the possibility of short-term selling by investors was lower

2024-07-11 12:36:20
ETH, which fell 18% between July 1 and July 8 to a low of $2,826, has now rebounded to around $3,070, and investors are understandably disappointed as $313 million of leveraged long positions were liquidated during this period. While the current price remains below the previous $3,400 support, on-chain and derivatives indicators suggest that traders are gradually regaining confidence. On-chain analyst Leon Waidmann disclosed data showing that 40% of the ETH supply is locked in pledges and DApps, while the supply of exchanges has decreased in the past month, while the number of ETH on exchanges has dropped from 13.34 million to 12.21 million, and the reduction in the number of tokens traded immediately means that investors are less likely to sell in the short term.