The supply shock is real. $ETH liquidity on exchanges has dropped to its lowest level since June 2024 and since the Pectra upgrade in May, has declined by over 8% (~1,600,000 ETH valued at roughly $6.1B). Meanwhile, ETH ETFs (5.8M ETH) and treasury strategies (2.3M ETH ) now collectively hold more than 6.5% of the entire supply. Buckle up 😈 h/t @cryptoquant_com