ETH’s supply is disappearing faster than ever 🔥
Over 40% of all $ETH is currently locked out of circulation and is continues to climb rapidly
Ethereum has never experienced a market cycle with all three supply vacuums active at once:
- DATs didn’t exist last cycle
- Spot ETFs are brand new
- Staking was just beginning
This time, ETH enters the cycle with record institutional demand and the smallest liquid float in history
When demand meets a shrinking supply like this, price doesn’t just go up, it goes nuclear ☢️
ETH's circulating supply is shrinking super fast
3.4% held by DATs (illiquid for years or forever)
7.3% held by ETFs (illiquid 80% of time)
29.5% (majority illiquid due to exit rate limit)
ETH hasn't undergone a cycle where these three supply vacuums existed. DATs are new, Spot ETFs are new, and staking was in its infancy last cycle.



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