No one is talking about ETH right now. That is exactly when you should be paying attention. The total crypto market cap just broke the downtrend from late 2025, up 30% from the February low. The structure is quietly shifting while everyone stares at the BTC wall at $82,228 and the CLARITY Act drama. ETH is sitting at $2,124. Down from its 2025 high of $3,700. Underperforming BTC all year. The ETH/BTC ratio is at multi-year lows. Every metric screams nobody wants this. And yet. Bitmine just became one of the largest ETH holders on the planet. 5.21 million ETH. Valued at $13.4 billion. That is 4.3% of the entire circulating supply sitting on a single entity's balance sheet. Their stated target is 5% by year end. They are not stopping. For context, Strategy holds roughly 2.3% of Bitcoin's circulating supply, and that is considered a historic accumulation event. Bitmine quietly doubled that for Ethereum and barely made a ripple outside niche DeFi circles. Now layer the technical roadmap on top. The Ethereum Foundation has two major upgrades converging in H2 2026. Fusaka and Glamsterdam. Combined, they target a 3x increase in L1 transaction capacity, significant blob throughput improvements for L2s, and a foundation for AI agents trading directly on-chain using ETH. That last point is not hype. The Ethereum Foundation explicitly lists AI agent integration as a core use case in their latest technical documentation. Smart software entities trading exclusively in ETH, continuously adapting and learning. The infrastructure for that is being built right now. Here is the actual picture. ETH is down over 40% from its 2025 high, deeply bearish sentiment. ETH/BTC at multi-year lows, no reversal yet. Bitmine holds 4.3% of circulating supply, institutional foundation being laid. Glamsterdam upgrade targeting June 2026, 3x L1 capacity incoming. AI agent narrative ETH as the settlement layer for automated AI trades. Charles Schwab opening spot ETH trading to 39 million u...