$ETH isn’t just for traders anymore. Treasuries and ETFs are now quietly accumulating, and the impact is showing. BitMine alone holds over 833,000 #Ethereum (nearly $3B) and is still buying more not by selling high, but through fresh capital raises.

At the same time, staking has reached 36 million Ethereum, locking up almost 30% of supply. That means less $ETH is circulating, and the available liquid supply keeps shrinking.

But the real question now is whether this kind of long-term, treasury-driven demand can hold up if macro headwinds intensify. ETH dropped 9% in late July as rate-cut hopes cooled, yet institutional buyers didn’t back off.

If demand from treasuries and staking continues through Q4, #ETH may rally without needing hype or retail momentum. If not, macro pressure could stall things again.

Either way, Ethereuis evolving into something bigger not just a coin to trade, but an asset institutions are building around.