Strategic ETH Reserve data shows companies now hold 6.7 million ETH as deliberate treasury assets, roughly 6% of total supply. That is a meaningful chunk of ETH moving into balance-sheet-style holdings rather than exchange liquidity or ETF custody. The next signal is whether public filings keep showing fresh additions, staking exposure, and new entrants, or whether the ETH treasury trade starts to plateau.

TLDR by @Benthic

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