12h ago
ethereum has 12.8m eth locked in etfs that need board approval to sell plus 2.3m eth stuck in 41-day unstaking queues. blackrock adding $112m last week, bitmine bought $834m during the crash. when 10% of supply physically cannot exit positions, dips become allocation opportunities not liquidation events. grayscale just enabled staking 5 days ago at 3.2% yield, creating permanent bid from yield seekers who never sell spot
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