Bitwise: Since mid-May, ETP has purchased 2.83 million ETH from publicly traded companies, representing 32 times the Ethereum network's newly minted supply.

BlockBeats News, July 24, Bitwise issued a tweet stating, "Since mid-May, ETPs (Exchange-Traded Products) and publicly traded companies have collectively purchased 2.83 million ETH, while the Ethereum network has only issued 89,000 ETH."

This means that demand is 32 times the supply, which is precisely why the ETH price has surged."