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The HODL Waves chart reveals the holding behavior and confidence of investors by showing the amount of Ethereum held over different time periods. The chart indicates that Ethereum held for 1-2 years and 2-3 years accounts for a significant portion of the total supply, suggesting that amidst market volatility and uncertainty, investors are more inclined to hold long-term rather than cash out quickly. This holding pattern reflects the confidence of investors in the long-term value of Ethereum. Specifically, a large amount of Ethereum acquired during 2021-2022 is still being held, further proving this point.

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