Supply Dynamics - For every 1 ETH minted, 32 ETH are being bought, indicating a significant supply shock [1] Institutional Investment - Eight wallets accumulated $2.17 billion in 17 days, highlighting concentrated accumulation [1] - July ETF inflows reached $4.2 billion, equaling the previous 11 months combined, demonstrating increased institutional interest [1] Mining Activity - A bitminer acquired an additional $1 billion last week, showing continued investment in mining infrastructure [1]

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Supply Dynamics - Ethereum is facing a potential supply shock [1]

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Supply Dynamics - Only 115% of Bitcoin supply remains available for trading [1] - Supply shock is not just a concept, it's a mathematical reality [1] Institutional Adoption - Standard Chartered is launching a spot trading desk [1] - BlackRock has purchased an additional $416 million worth of Bitcoin [1] - 125 publicly listed companies are accumulating Bitcoin [1] - The Federal Reserve has approved bank custody of Bitcoin [1]

Supply Dynamics - Ethereum (ETH) net issuance since The Merge (1,030 days ago) is approximately 373,000 ETH [1] - ETH ETFs absorbed roughly 380,000 ETH in just 9 days [1] - ETF demand has consumed approximately 3 years of new ETH supply in under two weeks [1] Market Outlook - The analysis suggests a potential supply shock for both Bitcoin (BTC) and Ethereum (ETH) [1] Pricing Theory - The price of any good is determined at the margin, demand relative to supply [1]

Industry Trends - 4 Bitcoin (BTC) mining operations transitioned to Ethereum (ETH) staking this quarter [1] - Sony, Coinbase (CB), and Robinhood (RH) all announced Layer 2 (L2) solutions [1] Supply Dynamics - 155 thousand ETH were unstaked and moved to exchanges from miners [1] - Exchange Traded Funds (ETFs) absorbed 315 thousand ETH this week alone [1] - Total ETH absorption is running at 3330% (33.3x) of new issuance [1]

Market Overview & Potential - The crypto market, currently at $365% trillion, is perceived as just the beginning, consolidating around all-time highs [2][3] - Industry anticipates significant upward movement in altcoins, contingent on Bitcoin's performance and dominance [3][5] - Retail interest in crypto remains low, despite Bitcoin reaching new highs, suggesting potential for future growth when retail participation increases [16][17] Bitcoin Analysis - Bitcoin's price increase and liquidity are crucial for the growth of Ethereum and altcoins [5] - Bitcoin balances on exchanges are decreasing, potentially leading to a supply shock due to institutional adoption and ETF purchases [22][23] - Bitwise reports total Bitcoin holdings of 847,000, representing 403% of the total 21 million Bitcoin supply, with a total value of $91 billion [24] Ethereum Insights - Ethereum is approaching a critical point, needing to surpass $3,000 to signal a shift towards $4,000 and retest all-time highs [8] - Ethereum exchange reserves are also dropping, indicating surging buying demand alongside enterprise and institutional adoption [9] XRP Analysis - XRP is showing bullish signs, with potential for significant price movement, driven by institutional adoption and involvement in government initiatives [11][12] - XRP's market value has reached a 7-week high, crossing above $239%, with whales accumulating XRP, holding 4732% billion XRP [19][20] - XRP dominance is starting to break out of a downtrend, with targets of 6% to 8% and 11% to 143% against Bitcoin [27] Supply Shock & Adoption - A potential Bitcoin supply shock could significantly boost altcoins, including XRP, as institutional players and ETFs drive demand [26][29] - Banks are showing interest in holding crypto assets, further diminishing supply and potentially leading to a supply shock [29][30] - Industry projects that if crypto market hits $5 to $7 trillion, XRP could reach $440 to $612 at 5% dominance, or $1050 to $1477 at 12% dominance [33]