The majority of $ETHs (-0.35%) circulating supply is no longer freely tradable. Around 30 % of the total #ethereum are in validator contracts - a record figure. A further 5.8% is on the balance sheets of listed digital asset treasury companies, led by Bitmine with 4.98 million tokens - this corresponds to around 4.1% of the total supply and is therefore within reach of the 5% target. US spot$ETH (-0.35%)-ETFs hold a further 5%. Net inflows into these products amounted to around USD 560 million in the first three weeks of April, led by BlackRock's ETHA and the staggered ETHB. Taking into account the overlap between staking and DAT pools, the actual tradable free float on the exchanges is at its lowest level since the merger.
This has not yet been reflected in the share price. $ETH (-0.35%) DAT is still trading 52 % below its August high of $ 4,950. But the $ETH (-0.35%)/$BTC (+0%)-ratio has started to slowly work its way up from the February low - a first indication that capital is rotating back into $ALT (-9.14%) - beta again. If this rotation gains momentum, there will be less supply to absorb it than in any previous cycle.
