Strategic Ethereum Reserve / ETF ETH Holdings What stands out to me is how quietly bullish this is. ETH reserves and ETF holdings are sitting around 6–6.8M ETH, which is massive when you zoom out. Even with some short-term issuance and burns balancing each other, the bigger story is absorption. Institutions are clearly comfortable holding ETH for the long term, not just trading it. The purchase/issuance ratio above 1x tells me demand is still there, even during chop. This isn’t retail FOMO it’s slow, sticky capital. That usually shows up before price really reacts.(CyrilXBT)