According to Miles Deutscher, ETH exchange-traded funds bought an amount equal to 50 percent of Ethereum’s net issued inflows since the Merge in a single day, signaling that demand is outpacing supply. Source: Miles Deutscher on X, August 12, 2025. This concentrated ETF buying underscores a demand-driven flow regime that is directly relevant for ETH liquidity and short-term price dynamics. Source: Miles Deutscher on X, August 12, 2025.