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If you’re a Bitcoin maxi, this coverage isn’t for you.
It’s for those who believe ETH is not BTC.
I don’t actually think they compete — and I’m a huge Bitcoin bull.
But this is a different asset, a different thesis, and a different moment.
ETH is of course different from BTC.
Its price is not set purely by supply and demand, and it doesn’t share BTC’s capped long-term issuance.
But right now, that doesn’t matter.
📈 It’s Finally Ethereum’s Turn
For the past 18 months, Bitcoin has been the institutional darling.
Spot ETFs. Corporate treasuries. Macro tailwinds.
Since Jan 2024, ETPs and treasuries have bought 1.5M BTC…
The network has only produced 300K.
That’s a 5x supply-demand mismatch — and it’s what’s driven BTC up.
Ethereum wasn’t part of that conversation. Until now.
🧨 The Mid-May Flippening
From July 2024 through May 2025, ETH ETPs only managed to buy 660K ETH (~$2.5B).
With no major ETH treasury companies, ETH inflation and demand basically offset.
The price drifted sideways. ETH looked… forgettable.
Then came May 15.
Since then:
ETPs & Treasuries bought 2.83M ETH (>$10B worth)
That’s 32x more ETH bought than ETH issued
The price finally started to reflect it
🔒 Who’s Buying?
We’re seeing 2 categories of ETH demand surge:
🟣 ETPs
Still underweight ETH vs BTC
ETH is 19% of BTC’s market cap… but only 12% of ETF inflows
That gap is closing fast
🟠 Treasury Companies
SharpLink: ~438K ETH
BitMine: 625K ETH, aiming for 5% of supply, just approved a $1B stock buyback
ETH Strategy: 12,342 ETH prelaunch raise; $STRAT now live
🧠 Why Institutions Finally Get It
Here’s how the big money sees Ethereum now:
🔍ETH as… | Why It Matters |
|---|---|
The “Next Bitcoin” | Store of value plus programmability |
Bitcoin with yield | Staking ETPs = passive real yield |
ESG-compliant asset | Post-Merge = low energy = ESG-friendly |
Settlement layer | 80% of all stablecoins use Ethereum |
Auditable, transparent | Real-time issuance & burn |
High-grade collateral | Used in DeFi & CeFi |
Treasury rails | Tokenized notes, treasuries, RWAs |
Growth beta | Fees scale with onchain usage |
This is not speculative froth.
It’s macro capital chasing Ethereum’s real-world utility.
📉 ETH Supply vs Projected Demand
Let’s model it:
New ETH in next 12 months: ~0.80M
Projected ETP + Treasury demand: ~5.33M
That’s 7x more demand than supply.
ETH is repricing — because institutions are no longer ignoring it.
🧨 Final Take
The narrative has flipped:
Bitcoin had the spotlight. Now Ethereum has the squeeze.
ETPs. Treasuries. Programmable finance. ESG. Real yield.
The price of ETH isn’t “pumping”… it’s repricing.
In the short term, the price of everything is set by supply and demand.
And for the time being, there is significantly more demand for ETH than there is new supply.
I suspect we go higher. 😉
-Nick
Founder, CryptoNuggs