I have been observing how the ultra sound money narrative on Ethereum has been fading, especially with the total supply reaching new highs and the staking ratio decreasing since November. But what's interesting is that technical indicators still show strength beneath the surface.

Looking at the numbers, the realized price of ETH is around $2,200 while it’s trading near $2,050. That gap suggests many holders are in profit, which is bullish. Additionally, I noticed that long-term holders are accumulating without selling, similar to what happened with Bitcoin. Whales holding between 10k and 100k ETH have been buying heavily during the dips.

What caught my attention most is that major institutional players like BlackRock and others are increasing their positions right now. That typically signals confidence. Also, there are nearly 9.6 million ETH out of exchanges, the lowest level since August 2024. When assets leave exchanges, it generally means less selling pressure.

Buying volume is rising as prices fall, which contrasts with the ultra sound money narrative collapsing. It seems institutional demand is offsetting supply issues. Analysts say everything will depend on how Bitcoin moves, but for now, Ethereum is leading capital inflows this week with nearly $800 million.