Ngl, I didn't think it was possible for Tom Lee to buy ~5% of all ETH (and ~32% of all ETH sitting on exchanges) and for the price to go down. Possible reasons: 1) Ultrasound money narrative and accompanying demand is dead: Post-Dencun L2 blobs crushed L1 burns. ETH supply now mildly inflationary ~0.23% YoY, first time since Merge. Deflationary scarcity narrative that drove institutional FOMO is gone with zero replacement. 2) L1 fee capture gutted by L2s: Mainnet tx volume & active addresses stagnant. Fat protocol thesis evaporated . L2s handle the activity at 90-99% lower fees. L1 is now low-margin settlement layer with almost no value accrual to ETH. ( I dont think this matters as expressed many times but it is a narrative) 3) Stablecoins & tokenization bypassing L1: USDT on Tron still dominates; Solana eats retail; Base grabs institutional. “World computer” demand isn’t flowing back to ETH holders. 4) Staking yield uncompetitive: Net ~2-3.5% (post fees) vs risk-free T-bills at 4%+. No carry trade for allocators. Why hold volatile ETH for sub-Treasury yield? 5) Counter-selling has swallowed it all: EF has sold 20k+ ETH in 2026 alone (multiple OTC deals directly to BitMine; 5k + two 10k batches worth ~$47M recently) while unstaking ~20k ETH chunks (~$40-50M each). OG whales (e.g. Garrett Jin dumped 578k ETH / $1.35B to Binance in just 4 days). Long-term holders & whales distribute straight into BitMine headlines/OTC bids. Much of the “accumulation” is just vacuuming up this supply privately. Zero spot squeeze, especially with 90%+ of BitMine’s stack staked & illiquid. 6) AI capital suck: enough said 7) War stuff: enough said Still hopeful for a strong end of the year with Clarity, Glamsterdam, and the war ending, but it has not been a fun ride.