Ethereum has a bunch of whales in it from back in the day when those got in early. Heck I still remember getting into it myself at $13 a pop! In a recent move a new whale has added 1 billion in ETH showing a increasing demand and staking rewards kicking things off.
A lot of the major players are currently running off of Ethereum and not other blockchains. Many RWA assets are also on Ethereum and while they are trying to build out their own platforms right now Ethereum is the go to solution for this and most likely will be for a few years as it's a rather battle tested blockchain compared to one a bank or blackrock would release and that's where the real value comes from.
People and business want to be operating on a battle tested blockchain and not some new one that hasn't gone through the ringer yet. Thus showing us that demand for ETH is most likely only going to continue to increase as more adoption takes place for RWAs.