The reshaping of ETH's supply structure is more significant than most realize. Consider this: since August 2021, every new ETH entering circulation has been absorbed by major market participants over the past 4.5 years. That's not gradual—that's structural deflation pressure building.

When inflation gets soaked up that efficiently, it changes the game. The token's scarcity narrative strengthens. Those positioned correctly understand ETH isn't repricing sideways from here. The supply mechanics alone suggest meaningful upside ahead.