📊 Headlines this week: "Wall Street is buying ETH, retail is late." $857M of weekly digital-asset inflows, ETHA at $6.5B AUM, FETH absorbing $49M in a single session. Our $ETH #Smart Money Flow Index (the only ETH-exclusive variant we ship) disagrees. Hard. Exchange Flux Balance has been net-negative on $ETH for 11 of the last 14 sessions. #ETF custody is up, but spot exchange reserves are not draining the way they did in March 2024 before the #move to $4k. The $ETH leaving exchanges is going to staking and custody, not to #ETF authorized participants creating new shares against actual spot demand. Net result: The #ETF flow number is a window-dressing print. The plumbing underneath shows distribution, not accumulation. $ETH #Smart Money Flow Index sits at -0.18, lower than the day $ETH topped at $4,946 in August 2025. $ETH is not breaking out from $2.2k until Flux Balance flips and #Smart Money Flow crosses zero. Headlines are noise. Plumbing is signal. #etf