For years, I’ve remained fundamentally skeptical of the idea that Ethereum ($ETH) could reach $10,000. The math never quite added up. The market structure didn’t support it. The conviction wasn’t there.

But for the first time, I can see a clear and compelling path to $10K ETH.

Here’s why:

ETH staking is at all-time highs  A growing share of ETH supply is being locked up long-term.

Exchange reserves have dwindled ETH balances on centralized exchanges are back to 2017 levels.

Stable coin issuance is surging Liquidity is growing across the ecosystem.

A $6 billion SBET placement is set to directly acquire ETH from the Ethereum Foundation.

Digital Asset Treasuries (DATs) including those led by traditional financial institutions  are ramping up, leading to further ETH absorption.

We’re entering a new reflexive loop: As ETH becomes increasingly scarce and institutional interest surges, price momentum could accelerate faster than most anticipate.

TL;DR: You're probably not bullish enough.
This treasury-fueled reflexive cycle will collapse someday  but that day is not today, and likely not any time soon.