The structural indicators of long-term institutional adoption of Ethereum continued to strengthen even as ETH prices lingered near $2,300, according to a recent analysis by SharpLink. The firm, which holds 863,000 ETH worth approximately $1.89 billion as the world’s second-largest Ether DAT, highlighted several bullish on-chain metrics.
Staking deposits have not slowed despite the bear market, with 38.7 million ETH staked (32% of total supply), now valued at around $89 billion. Long-term holders across all cohorts held firm through recent volatility, and short-term holders appear to be at breakeven with an MVRV of 1.0, suggesting minimal selling pressure. Meanwhile, exchange balances fell to a multi-year low of 15 million ETH, tightening supply.
Institutional momentum accelerated with JPMorgan filing with the SEC on Tuesday to launch the JPMorgan OnChain Liquidity-Token Money Market Fund (ticker: JLTXX). The fund will invest in short-term U.S. Treasury securities and operate on Ethereum via the bank’s Kinexys Digital Assets division, using a permissioned overlay with smart contracts and AML controls. It is designed to qualify as a compliant reserve asset under the GENIUS Act for stablecoin issuers. The filing explicitly names Ethereum as the only supported blockchain at launch, with the option to expand later.
SharpLink also noted Ethereum’s dominance in real-world asset tokenization, citing BlackRock’s plan to tokenize a multibillion-dollar money market fund on Ethereum and JPMorgan’s second such fund this week. Galaxy and SharpLink launched a $125 million Ethereum-powered DeFi yield fund. Despite these developments, ETH price remained range-bound, capped near $2,400 for two months, with analysts watching for a breakout above $2,375–$2,460 that could target $2,800–$3,161.
