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Everyone is shouting "BTC is crashing."
But ETH dropped 8.7% this week, while BTC only fell 5.5%, and SOL dropped just 3.1%.
ETH is the real scapegoat.
ETH futures funding rate -0.31% — shorts are paying to short, and willing to keep paying.
SOL funding +0.65% — longs are levering up to bet on a rebound.
Capital has voted with real money: abandon ETH, embrace SOL.
Even more brutal is SharpLink: they hadn't bought ETH in 8 months, then suddenly bought 7.85 million today.
And then you find that their 876k ETH position has an unrealized loss of $876k.
This isn't bottom-fishing; it's an ostrich strategy after being trapped.
Ansem says the SOL/ETH exchange rate has bottomed, and the data supports it.
Don't look at how much BTC dropped; look at whose funding rate turned negative — that's the one truly abandoned by the market.$BTC $ETH