ETH is 1/3rd the bitcoin market cap. Is there actually that many people out there that have that much money in ETH?

The answer is no.

So why is it worth $350B and who would have an incentive to keep it around and for what purpose? What could it be used for? 🤨

There are not enough people in this space thinking about these things. They are critical details. #Bitcoin

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As far as I understand there's still no way to unstake ETH so many people can't sell even if they wanted to.

Yeah that money is long long gone. Their ETH was sold into the market to stop a BTC rally long ago.

There are no Tradfi rules in this game.