Interesting phenomenon: In mid-September, when ETH surged to this year's high of $4700, a large amount of staking withdrawals occurred. At that time, approximately 2.66 million ETH were withdrawn from staking, which is quite significant. After more than three months of market digestion, most of the ETH withdrawn has been absorbed, and now there are less than 80,000 left to process.

The underlying logic is straightforward—this gradual unlocking and inflow of over 2.6 million ETH into the market has exerted continuous selling pressure on the price. From mid-September to now, ETH has fallen from its peak of $4700 by 34%. What does this indicate? Purely from a supply perspective, the release of a large amount of staked ETH indeed increases market pressure. When participants see profit opportunities (at high prices), withdrawing staking and cashing out profits is a natural choice. And this increase in supply often takes time to be fully absorbed by the market. Now that most of it has been digested, it may also give the market a breathing space.