The ETH must flow
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Joined March 2018
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Good for Ethlabs and therefore good for $ETH
Today, more people are backing Ethlabs.
Ethereum co-founder @MihaiAlisie joins as an anchor funder, @payward and @gattacahq join as contributors, and 19 new supporters from the Ethereum community are now backing our mission.
Thousands of people across the world have spent years building Ethereum and holding $ETH, we aim to honor their commitment by becoming an open, accessible, and user-focused organization that supports the development of both this unstoppable network and its immutable asset.
We care deeply about what makes Ethereum special: its credible neutrality, security, censorship resistance and openness. We also believe that Ethereum's potential is only realized when people use it at scale and when it remains the natural place to innovate, issue assets, hold + settle value, and be the home to a digital future its users can own.
A big thank you to our initial anchor funders @BitMNR, @Sharplink, and @ethereumJoseph; to everyone joining us today, to the countless people and organizations that make Ethereum possible, and to all who have supported our work so far.
There is an enormous amount left to do, and we are fortunate to have so many people who believe that it is worth doing.
Now back to work.
Funders: ethlabs.org/funding
Weekly updates: ethlabs.org/writings
Culgin.eth | Justmy2.gwei retweeted
A bit of a long write-up here.
#Bitcoin and $TOTAL3ES (Total crypto market cap without counting stable coins, $BTC and $ETH) are at the beginning of stage 2, which is typically thought as an ideal spot for market participants to enter.
This cycle's AI narrative darling, $PLTR, is in stage 2, after hitting 0.5 retracement which is typically early/mid cycle correction behavior. Late cycle correction typically are more drawn out and are shallower.
ISM PMI just broke out of 50 earlier in 2026 after being under 50 for 4 years, indicating the start of economic expansion.
Copper/Gold ratio bottomed earlier in 2026 after being in a downtrend for 4 years, indicating the start of economic expansion.
Japan #Nikkei broke out of a 35-year consolidation in 2025 and has more room to run up.
Korean $KOSPI seems to be bottoming at 0.5 retracement with a good reaction, which quite often happens in an early cycle/mid-cycle correction. 50% of the $KOSPI is #Samsung and #SKHynix, both continue to have continued growth acceleration to support the numbers. I doubt that the memory trade is anywhere near done yet.
China solana:3aSu9uuDLiWkBQGycJDDSubZEPb6YJjDzULPWZkJn8ic #HangSengIndex had a big run in 2024-2025 just to spend 2026 to retrace back to 0.618 which is a reasonable correction for a likely next leg up, with liquidity likely to spill over to global markets. Their GDP has been growing despite tariffs, youth unemployment and housing crash.
Russell 2000 $IWM $RUT is just making higher highs and higher lows.
Cathie Wood's $ARKK fund is in a 5-year bullish formation that could be breaking out at anytime, and nobody even cares about what that could mean.
$TSLA earnings was not that great, but its weekly trend is flipping bullish regardless. $300 seemed like the number it wanted to hit before finally running up. Market seems to be pricing in future growth which typically happens when it's anticipating economic expansion.
$COIN is forming a very painful $COIN base, but is showing key base-forming behavior which could lead to outsized gain shall it finally breaks out.
AI data centers could be going through final capitulation zone as they are hitting my crazy targets and finding a decent reaction off of them. With the large caps and market leaders like $NVDA $MSFT $GOOGL $AMZN having great balance sheet and cash flow and with them committed into CAPEX for AI infrastructure, this is not your dot-com bubble and this could keep going on for a while. Narratives and sentiment on this sector is horrible, and massive capitulation followed by short squeeze seems to be in order for $CIFR $IREN $NBIS $WULF $GLXY and other names.
$HOOD was the fintech leader that needed to take a breather, while $SOFI plays catch up after solidifying a higher low. Looking at $AFRM and $SHOP - they are two of those stocks that look ready to breakout massively to the upside in 2027 which goes along with economic expansion rather than contraction.
There are still tons of names in forming huge bases for years or sometimes even decades that have yet to break out - many of which look like $MU and $INTC prior to their big run-up and are waiting for their turn once accumulation is complete.
Long duration bonds are starting to catch a bid at the current levels after forming bullish divergences for years, whereas bond yields seem to be going through a topping process after forming bearish divergences for years. This, of course, happens after everyone including CNN front page started talking about yields.
Gold and Silver have been going up for the last 3 years and have finally peaked in 2026 and are both consolidating. Last time Gold peaked was in August 2020, and a very risk on market happened afterwards presumably linked to rotation.
I don't give a damn what Kevin Warsh says tomorrow or what the short term market volatility that comes with his nonsense.
Everyday, $ETH has to handle the FUD of either EF selling or an "OG" selling. But I am still bullish on it regardless
A #EthereumOG linked to the #EthereumFoundation sold 7,594 $ETH ($17.79M) after a year of inactivity.
This OG bought 200K $ETH(cost $61K) during the ICO at $0.31 and also received 42,654 $ETH from the #EthereumFoundation when $ETH was trading at $13.82.
arkm.com/explorer/address/0x…
arkm.com/explorer/address/0x…
2% to 21% in just four weeks is probably something
ethereum:0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9 went from 2% to 21% of the tokenized stock loan market in four weeks.
Blockworks data has Kamino still leading at 53%, ListaDAO at 19% and Morpho at 7%.
An equity-backed loan means you lock up a tokenized share, like Coinbase's Nvidia or Google token, and borrow USDC without selling the stock. Aave opened its version on Base Sep 25 and now has $5.2M borrowed against $11.6M of stock tokens.
The whole market is only about $25M of loans, which is why one new venue can move the shares this fast.
Stocks working as collateral on a crypto lending market is the durable part, since it puts traditional assets to work on crypto rails. Four weeks of share is too early to say who keeps the borrowers.
Culgin.eth | Justmy2.gwei retweeted
❗️ A developer hid a Bitcoin key on a PHP server left unpatched against PHP2Shell, the critical flaws fixed on Oct 21, and dared anyone to steal it.
17 hours on, the wallet holds ~$2,000 and nobody has taken it.
The developer says someone is crashing PHP but "still no RCE yet".
U can chase speculative ghost-chains all u want, but the bulk of onchain liquidity runs on Ethereum and that's bullish for $ETH
Over the last 90 days, $16.75T of stablecoin transfer volume settled on @ethereum and its L2s. That is 77% of all stablecoin volume across every network.
→ @ethereum mainnet $7.1T
→ @base $8.5T
→ @Optimism Mainnet $0.8T
→ Other Ethereum L2s $0.35T
$21.55T moved across all networks in the period. $16.75T of it settled on Ethereum.
Per @tokenterminal, 15 July to 12 October 2026.
Ethereum is the home of onchain finance.
Retail complains about delays, but rigorous testing is the exact reason why Ethereum has maintained 100% uptime since inception.
If u are building the global settlement layer for trillions in institutional capital, security and resilience are non-negotiable.
Be more bullish on ethereum:native 🐂
The Glamsterdam upgrade on Hoodi testnet previously scheduled for October 26th has been delayed. Node operators check your clients for instructions. The new date is TBA.
blog.ethereum.org/2026/10/22…
Culgin.eth | Justmy2.gwei retweeted
Meritz Securities, one of Korea’s largest brokerages, has signed an MOU with @Optimism to explore issuing, settling and distributing tokenized Korean securities on the OP Stack.
That makes three Korean securities firms exploring the OP Stack since July:
→ DB Securities
→ KB Securities
→ Meritz Securities
Ethereum is the home of onchain finance.
Culgin.eth | Justmy2.gwei retweeted
I am being re-radicalized into crypto.
Genuinely feel like it’s the time for it to shine, Ethereum is a production grade substrate that has held value while trying to be hacked by nation states for 10 years.
That security/decentralization/coordination experience matters.
Culgin.eth | Justmy2.gwei retweeted
A quick explainer for everyone else.
>half the internet runs on PHP
>a big security bug dropped today
>basically hackers can take over websites just by sending one special request (crazy!)
>no password needed
>patches are out
>lots of sites are going down for emergency updates
>if you have a website, tell your host to update PHP right now
>if you don’t, just enjoy the random maintenance pages for now
This post reminds me how asset (IT) management and simply just wanting to know what u have in your estate was such a nightmare back when I was still the cyber security guy
Security called me at 6:12 AM today.
"Patch every PHP server immediately."
I asked what happened.
"Two critical vulnerabilities. Remote code execution. No authentication required."
Cool.
How many PHP servers do we have?
According to inventory: 12
According to reality:
Nobody knows.
We found one running WordPress.
Three running old internal tools.
One under someone's desk.
Two inside vendor appliances.
A forgotten employee directory from 2016.
And a server named:
PHP-OLD-DO-NOT-TOUCH
Naturally, that one runs payroll exports.
Then we found a PHP 5.6 box.
I asked who owned it.
The documentation said:
BRIAN.
Brian left in 2019.
We called Brian.
He said:
"Oh wow, that's still running?"
Excellent.
By 8 AM, leadership joined the incident call.
CEO:
"Can hackers actually get in?"
Security:
"Potentially yes."
CEO:
"Without a password?"
Security:
"Yes."
CEO:
"Then why do WE need passwords?"
Not the lesson.
Finance asked if we could wait until the weekend to patch because downtime affects revenue.
Security explained that the alternative was letting strangers execute code on our servers.
Finance asked for a cost comparison.
At 9:17, someone suggested temporarily taking the vulnerable websites offline.
Marketing refused.
"Our campaign is live."
So for the next hour, the company officially decided maintaining a landing page for 20% off webinar registration was more important than preventing remote server takeover.
We finally patched everything we could find.
Then our scanner discovered another PHP server.
Hostname:
TEMP-PHP-2014
Uptime:
4,512 days.
Nobody knows what it does.
Nobody owns it.
Nobody can shut it down.
But every time we block network access, the warehouse stops printing shipping labels.
Security has classified it as critical infrastructure.
It is running PHP 5.4.
The vulnerability has existed longer than half our employees.
The emergency patch took four hours.
Finding out what PHP actually runs took eleven.
The internet isn't held together with code.
It's held together with servers everyone is afraid to turn off.
Culgin.eth | Justmy2.gwei retweeted
Two major pieces of Ethereum news landed today: Deutsche Bank, Germany’s largest bank, is reportedly preparing to offer institutional ETH custody, while JPMorgan, the largest bank in the United States, is bringing JPM Coin’s tokenized dollar deposits to Ethereum.
Two giants of traditional finance embracing Ethereum and ETH. But the price barely reacted, whereas on another network, people would be expecting a major pump.
There are two reasons for this.
First, ETH is larger and more liquid than most competing assets, so it takes more buying pressure to move it. Second, the market already expects major institutions to build on Ethereum. Another announcement is not subverting expectations.
Some people might say Ethereum is cursed: success is expected, and it only has something to lose when it disappoints.
This is where Ethereum bulls diverge from bears.
For years, bulls predicted the adoption now materializing before our eyes. This was NOT consensus. People said institutions would never use Ethereum, or would build everything privately.
Now it’s: “That’s already priced in. Good for Ethereum, but how does it accrue value to ETH?”
There are two things that mentality ignores.
First, this is financial adoption, with size. The players matter, but so do the capital they commit, the assets they tokenize, and how deeply they integrate their products and services.
All of that shows growing trust in Ethereum as a financial network, both for people using layer one directly and for layer twos using it for settlement.
We are gradually building an internet of finance where the underlying network has one native asset: Ether.
ETH secures that system and can be used directly as collateral. Bringing Bitcoin or any other asset, into Ethereum requires additional backing, bridge, or custody arrangements. Native ETH already belongs there.
Why does this matter so much?
Financial activity settling on Ethereum does not pay Bitcoin’s miners. Bitcoin’s own security model anticipates transaction fees replacing its declining issuance. That activity will not magically show up on Bitcoin just because its proponents expect it to.
Second, the uncertainty pushed around ETH’s supply ignores what has actually happened.
Since the Merge, ETH’s net supply has grown roughly 1.3% in total, while continuing to reward the stakers securing it. Stakers can earn above supply dilution, with transaction income on top. For an asset used as a store of value, that cannot simply be ignored.
There is already actual substance behind ETH’s gradual recognition as a store of value. The network has matured. Proof of stake has years of operation behind it. Current SEC guidance identifies ETH as a digital commodity. The ETFs that critics said would never happen now exist, including BlackRock’s multibillion-dollar fund.
Treasury companies like Bitmine and Sharplink are accumulating ETH at scale, and their holdings can produce staking income. That adds another way for investors to gain exposure, and another reason to hold the asset.
So when bulls talk about ETH eventually flipping Bitcoin, then gold, this is what they are looking at: an asset with restrained supply growth, native yield, and direct usefulness in a growing financial system.
You can disagree with that thesis. But “the price didn’t move” does not answer it. Fundamentals are moving int the right direction, but price is a lagging metric.
Many of the things bulls expected are happening. The argument is that ETH is severely underpriced, and that the market still underestimates where it leads.
Eventually every financial asset comes onchain and banks/tradfi become just user interfaces
Bullish for $ETH
News: JPM Coin (JPMD), @jpmorgan's USD deposit token, is now live on @ethereum.
JPMD extends from Base to Ethereum L1, giving institutional clients native onchain cash that sits alongside the assets, collateral and counterparties they transact with already.
J.P. Morgan has now added a cash leg to the products it already live on Ethereum mainnet, with tokenized money market funds MONY and JLTXX both already on the network.
Ethereum is the home of onchain finance.
No one has enough $ETH , not even the exchanges.
Supply shock brewing...
CLOSE YOUR ETH SHORT NOW! (FINAL WARNING)🚨
11.8 million ETH is left on ALL exchanges.
Around $9.16B in shorts would be forced to buyback if ETH pumps to $3,000
$9,160,000,000 / $2,400 = 3.82 million ETH has been borrowed and sold with perps under $3,000
That's ~1/3 of all current liquid ETH on exchanges
If these shorts are forced to cover and buyback the ETH they sold, it will easily pump ETH over $10,000
The math is simple and does not lie.
Bears are fucked and don't even know it, the short squeeze is inevitable, it is just a matter of when the music stops.
This is your last chance to close your short or it will be closed for you.
