Wall Street is silently stacking spot ETH 🤫 even amid S.K. martial law issue.

Source: Coinglass

Since spot ETH(Ethereum) ETFs were approved by the 🇺🇸 SEC(Security Exchange and Commisions) 5 months ago, Wall Street had not been much interested in ETH. Because, they were stacking BTC(Bitcoin) rather than ETH. I was curious why they're not interested in ETH after the inception of spot ETH ETFs trading.

Nevertheless, ordinary people are not interested in this data. Additionally, a couple of months ago, I saw some traders mocking ETH. It's like a contrarian indicator.

Source: DeFiLlama

This is DEX[Decentralized Exchange, including LP(Liquidity Provision) platforms such as Uniswap, Pancakeswap, etc] trading volume chart.

Solana DEX trading volume is much higher than Ethereum and Base which is a L2(Layer 2) chain of Ethereum. Nevertheless, what I wanna say and emphasize is Ethereum is still robust

Source: Coinglass

As I previously said this table,

ETHE is Grayscale's existing spot ETH ETF.

ETHA is BlackRock's iShares spot ETH ETF.

ETH is a newly launched Grayscale's spot ETH ETF.

FETH is Fidelity's spot ETH ETF.

ETHW is Bitwise's spot ETH ETF.

Now, the sum of spot ETH for ETHA, ETH, FETH and ETHW surpassed ETHE.

As you know, I've been waiting for this moment during the last 5 months. It's a meaningful and historical moment.

Personally, I expect ETH price will approach $10k this cycle. Because, the more retail investors use Base chain, the more ETHs are needed. Ethereum and Base chains are still potential to explosively expand and grow! They're ready to go!

By the way, I was skeptical for SOL(Solana). But, once I checked Solana's on-chain data, I realized retail investors and users prefer Solana chain rather than both Ethereum and Base chains. So, I assume spot SOL ETFs would likely be approved by the U.S. SEC next year.

We're entering in the 3rd altseason. I hope you guys will make it this cycle!