After a year of hype that BTC is a store of value, institutions continue to shill ETH as a treasury providing utility and staking.
Of course, the whales need it this way.
A year before the ETH ETF launch, whales suppressed the ETH price from 3.5k down to 1.2k to accumulate large quantities.
Now is the time to maintain extremely high liquidity to sustain cash flow.
ETH 10k is no longer too far away in this cycle with large cash flow from institutions. If they buy a net of 1 billion USD every day, by the end of August, ETH could approach 10k.
The biggest beneficiaries when ETH rises sharply are the LSD ETH projects.
