I'm bullish on Ethereum and all, but doing demand/supply analysis without taking into account the staking exit queue is a bit misleading imo. Validator exit queue has started to increase again, so that's a substantial amount of $ETH that is becoming liquid on a daily basis..... 66k ETH to be more exact, ~$300m per day @ current price of $4500! If ETF inflows average $300m per day that should nullify most of these outflows, but still should be part of the analysis!