Fundstrat’s Tom Lee, in 15 months directly absorbed 4.9% of Ethereum’s total supply—just one breath away from the 5% target. At this accumulation pace, retail investors are still debating bulls versus bears, while the smart money has already taken over the track. Don’t ask why ETH has held up so resiliently this round—because the float is locked in the hands of big whales. When the 5% is announced, market sentiment will likely flare up again.

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