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ETH On-Chain Data Observation | Liquidity Changes from January 4th-6th
The on-chain data over the past three days is quite interesting. Compared to the turnover situation at 8:00 AM on January 4th, the total on-chain turnover of ETH in the past 48 hours has decreased from 520,000 to 460,000 — a significant decline.
Why is this happening? Mainly due to weekend effects. Weekends are naturally a slow trading period, and liquidity is inherently weak, leading to a noticeable drop in market participation. What does the decline in turnover rate directly reflect? It indicates that trading activity is weakening, and market enthusiasm is decreasing.
This phenomenon is worth paying attention to — when on-chain turnover drops sharply, it often means market participants are waiting or observing, and short-term trading sentiment is relatively cold. For traders monitoring ETH on-chain dynamics, such data fluctuations are an important reference for judging market rhythm.