The ETH Report for Q2 just dropped and its bullish.
10 Insights 👇
1) Stablecoin Dominance
Stablecoin supply on L1 hit $137B —51% of stablecoins and growing.
BUILD (Blackrock): +56%
PYUSD (PayPal): +19%
@fundstrat calls this cryptos ChatGPT movement.
All on Ethereum.

2) DeFi Credit All Time Highs
Active loans on Ethereum + L2s surged to $23.9B — up 43% QoQ, nearly 2x YoY.
🟣 @maplefinance: +291%
🟣 @eulerfinance: +174%
🟣 @aave: +46%
This is real capital market growth.
Ethereum is the place crypto stores its loans

3) Real World Assets Are Coming Onchain
RWAs on Ethereum L1 surged 48% in Q2, hitting $7.5B.
- U.S. Treasuries: +58%
- Commodities: +24%
- Alt Assets: +40%
Stablecoins, Loans, and now real world assets.
Ethereum is becoming the settlement layer for global finance.

What about demand for ETH?
On the back of tariff lows there's strong institutional demand.
4. ETH ETFs Soaking Up Supply
ETH ETF AUM is up 20% QoQ — now holding 4.1M ETH.
That's 3.4% of total ETH supply already held by ETFs...
Institutions are quietly accumulating.

Well, maybe not so quietly.
5. Treasury Demand Rocket
Q2 saw a 5,829% QoQ increase in ETH held in treasury by public entities.
- @SharpLinkGaming : +216k ETH
- @BitDigital_BTBT: +100k ETH
A secular trend that's continuing Q3.
ETH is an institutional grade treasury asset.

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