While everyone is watching Bitcoin, Ethereum is quietly undergoing a massive structural shift. As of today, over 37 Million ETH (30% of total supply) is now locked in staking.
With the launch of BlackRock's new staked ETF ($ETHB) and institutional "accumulation addresses" hitting multi-year highs, the liquid supply of Ether is drying up fast.
My Take: We are seeing a classic "Price-Activity Divergence." On-chain volume is rising, but the price is lagging. When the supply squeeze finally meets a demand spike, the move to the upside could be violent.