Recently, I saw that the narrative of 'ultra sound money' on Ethereum is losing strength. The total supply is at its maximum, and the staking ratio has decreased significantly over the past few months. It sounds like things are not going well, right? But here’s the interesting part: the technical numbers tell a completely different story.

The realized price of ETH is around $2,200 while the market prices it at $2,310. That means most holders are practically at break-even, and there’s a decent support cushion. What caught my attention is that long-term holders are accumulating nonstop, similar to what happened with Bitcoin. Whales holding between 10k and 100k ETH bought more than 600k during the last dip. And institutions are not playing around: BlackRock, Cumberland, World Liberty Financial... all continue to put money in during corrections.

The most relevant point is that nearly 10 million ETH are off exchanges. That usually means investors trust the asset and don’t want to sell. Selling volume is decreasing as the price drops, indicating more buyers are entering. CoinShares reported that Ethereum recently led crypto capital inflows, with almost $800 million in inflows.

So even if the 'ultra sound money' narrative isn’t the main focus, the demand fundamentals are clear. Ethereum continues to face supply pressure, but institutional accumulation and firm holders are absorbing the selling. The next move will probably depend on Bitcoin and the macro environment, but the foundation is more solid than it seems.