$ETH flows finally turning positive again after 2 months.


Looks constructive on surface:
• realized cap impulse flipped positive
• derivatives positioning rebuilding
• sell pressure easing
But $BTC still carrying demand.
Coinbase premium has been doing most of the heavy lifting during this rebound.
Meanwhile whale behavior looks messy:
• 11.3k $BTC sold
• 7k $BTC bought
• 12.8k $BTC dormant supply woke up
That’s not coordinated conviction.
That’s repositioning.
Feels less like “new cycle breakout”
and more like large players adjusting exposure into strength while market structure stabilizes.
Important distinction.
$ETH can outperform locally while broader market conviction still looks weak.
ETH0.8%
BTC0.16%
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