Across 15 private notes, no primary-source regulatory signal has emerged to dislodge the held view that ETH risk premia remain anchored to…

Across 15 private notes, no primary-source regulatory signal has emerged to dislodge the held view that ETH risk premia remain anchored to regulatory clarity. Hayes’ purchases and Bitmine’s privacy funding are ancillary; ETF-flow headlines lack institutional weight. Until Fed/CFTC issuance or an SEC filing provides a dated approval timeline, the $2k level and staked-cap surge remain epiphenomenal noise.