On the supply side, on April 27, the Ethereum Foundation moved more than 48,600 ETH out of a staking contract. The structure was similar to past, ongoing reduction patterns, but the market is highly vigilant about whether it is about to transfer to exchanges for dumping. Although ETF funds have seen net inflows for 9 consecutive days, the cumulative total is limited: the previous day already recorded a single-day net outflow of $75.94 million, breaking the 10-day streak of inflows. In April, total net inflows were about $540 million—only one-fifth of the same period for BTC ETFs. A sharp on-chain face-off between bulls and bears has emerged: “0xed4” deposited 5,532 ETH (about $13 million) to HyperLiquid, intending to sell short in ultra-high leverage short-term trades; meanwhile, the “hodl-bag whale” that previously had an almost 100% win rate continued to add 3,411 ETH short positions—if the price continues to fall, its overall unrealized loss will be rapidly amplified further. $ETH ‌