In recent months, the ETH market has been rewritten by an unprecedented institutional wave. According to Strategic Eth Reserve's latest statistics today (17th), global ETH reserve enterprises and spot ETFs have collectively held approximately 10.26 million ETH, accounting for about 8.4% of the total supply.
This highlights that institutional investors are pushing ETH, once belonging to retail investors and developers, onto the mainstream financial stage while simultaneously compressing the market's freely tradable supply.
Supply and Demand Seesaw
The massive institutional positions locked in have caused ETH's "free circulation volume" to continue shrinking, making market tradable chips increasingly scarce. However, according to the validator queue tracking website validatorqueue data, the current Ethereum network exit queue reports 893,599 ETH, which is close to $4 billion at current prices, with a withdrawal waiting time of about 15 days.
If these ETH waiting to be unstaked are realized for profit, and Ethereum reserve enterprises and spot ETFs cannot absorb these sell pressures, it may bring more pressure on the coin price.
ETH Challenges to Stabilize at $4,400
Due to the higher-than-expected PPI index in recent days, US inflation concerns have resurfaced, causing a general pullback in the crypto market. Currently, ETH is trading at $4,422, and whether it can stabilize remains to be seen.
From Experimental Product to Core Asset: Reanchoring the Financial System
However, in the long term, ETH not only generates staking returns but also possesses cash flow concepts from DeFi, Non-Fungible Token, and DApp ecosystems. With ETFs providing regulated channels, allowing pension funds and mutual funds to participate, ETH is more likely to accelerate its upgrade from an emerging asset to a core mainstream investment portfolio.
Currently, ETH is entering the global capital market with a more mature and regulated posture. The quietly occurring supply reorganization may be a key milestone for Ethereum's journey towards "digital silver".
