Crypto ETFs appeared to hit $10B in hours, but filing data exposes where that money really came from

- Turns out that $10.36 billion "institutional buying wave" on Ethereum ETF launch day was about as organic as a Chrome Syndicate debt forgiveness program. Filing data shows 98.7% of that seed base — roughly $10.2 billion — was just Grayscale's older trusts shuffling existing ETH into a new wrapper. The coins sat in ETHE for years. Nobody bought anything. The other eight issuers scraped together $138.5 million in actual seed capital, which is the crypto equivalent of splitting a gas station burrito nine ways and calling it a feast. Meanwhile, moonboys who couldn