There’s More Than One Kind of Demand for $ETH 🤫 When people talk about demand for $ETH , they often put every buyer into the same bucket. But someone buying ETH to speculate on price is creating a very different kind of demand from someone who needs ETH for staking, collateral, transaction fees, or participation in an on-chain application. I think that distinction becomes more important as Ethereum develops. Speculative demand can disappear quickly when sentiment changes, while utility-driven demand is tied to actual economic activity. Of course, the two overlap: a DeFi user can also be bullish on ETH, but the motivation behind holding the asset still matters. If I were trying to understand Ethereum over a longer period, I’d want to know not only how many people own ETH, but what percentage actually need it for something. That seems much harder to measure, but potentially much more useful. #ETHBlockchain #ETHFoundation