Assessing Ethereum's Liquidity: Can it Match Bitcoin's Pace?

Following our previous study on bitcoin's liquidity, we applied the same framework to ether, gaining valuable insights into its current liquidity profile. This update also highlights the emerging role of digital asset treasuries as a key driver behind ETH's recent rally. Key findings include a significant increase in realized capital, substantial institutional demand through spot ETH ETFs, and considerable room for growth in derivatives participation. Additionally, the rise of digital asset treasuries as structural buyers of ETH is noted, with notable allocations since April. These developments suggest that ETH's institutional participation is still in its early stages, with potential for meaningful capital inflows and outsized performance in the coming months.