According to @cas_abbe, $27B in liquidity is ready to enter ETH, representing funds that public-listed companies plan to raise to buy Ethereum, estimating this would purchase roughly 5.74M ETH and equal almost 38% of ETH supply (source: Cas Abbé on X, Aug 13, 2025). For context, Ethereum’s circulating supply has been around ~120M ETH since 2023–2024, which would make 5.74M ETH roughly 4–5% of supply, not 38% (source: Etherscan circulating supply data, 2024; calculation based on Etherscan). The implied average acquisition price from the stated figures is about $4,700 per ETH (27B divided by 5.74M) and should be treated as illustrative unless supported by execution evidence (source: figures cited by Cas Abbé; calculation by the analyst). Traders should regard the $27B figure as unverified until corroborated by corporate filings that explicitly authorize ETH purchases, such as S-1, F-3, or ATM prospectuses and 8-K disclosures (source: U.S. SEC EDGAR database). If such large-scale buys are confirmed, staged execution could tighten spot liquidity, widen spreads, and lift basis and funding in derivatives; monitor spot order books, open interest, and funding rates alongside on-chain exchange inflows/outflows for confirmation (source: exchange dashboards such as CME and major centralized exchanges; on-chain explorers like Etherscan).