ETHEREUM HOSTS $154 BILLION. WHO ACTUALLY NEEDS TO OWN ETH? Ethereum already hosts $138.7 billion in stablecoins and $15.2 billion in tokenized real-world assets. But every dollar moving onto Ethereum does not create another dollar of demand for ETH. This is why Vitalik's latest argument is so important. The real opportunity is institutions moving beyond using Ethereum to actually holding ETH as collateral, reserve capital and a productive asset. Tom Lee @fundstrat is already positioning BitMine for that future, with 6.07 million ETH representing 4.97% of the supply. Here's the distinction investors need to understand: Tokenization creates demand for Ethereum's infrastructure. Institutional demand to own ETH is what could translate that adoption into lasting value for the token. The metric worth watching isn't just how many trillions move onchain. It's how much ETH the financial system decides it needs to own.