📌 Yesterday, the #Ethereum ETF recorded a net inflow of nearly $150M - the third highest since the beginning of the year. The inflow mainly came from iShares (BlackRock) with $85.38M and Fidelity with $64.65M.

📌 This is a large cash flow compared to ETH ETFs - surpassing even the FOMO spikes in early June when news of the ETH staking ETF just launched. However, the price of ETH then dumped sharply following BTC, and onchain, large orders are aggressively selling ETH.

📌 Excluding the impact of 80K $BTC becoming active again after 14 years, there may be reasons:
- The market has priced in the expectation of inflow → when the actual inflow occurs, the new capital is not enough to push the price.
- Sell the news: Organizations buy OTC, then bring it to the exchange to sell.
- Spot selling – ETF aggregation: organizations can balance their positions, selling spot to buy ETFs, without creating real net demand.

The next dump after a large inflow could be a psychological trap, especially when ETH is in the accumulation zone after the ETF. ETH is entering a phase where price and cash flow are no longer in sync.