Ethereum's drop under $2,000 is getting pinned on the Ethereum Foundation, which sold 2,000 ETH (about $3.87M) on November 13. But that's a rounding error next to the real driver: spot ETH ETFs have bled $696M in net outflows this month, negative in 7 of the last 8 trading sessions.
The mechanism matters here. This isn't a leverage flush like Bitcoin's liquidation cascade — ETH perp open interest is still parked at $24.64B even after $259M in longs got wiped in the last 24 hours. The leverage never really unwound. What left was the spot bid, session after session, from the ETF desks.
A one-day Foundation sale is noise. An eight-session outflow streak is a trend. When the two get blamed on each other in headlines, the OI/ETF divergence is the thing actually worth watching.
Is anyone else tracking ETH perp OI against ETF flow data day by day, or is this divergence only obvious in hindsight?
#Ethereum #Bitcoin #TradingSignals #TokenBot $BTC $ETH $TBOT
tokenbot.com
The mechanism matters here. This isn't a leverage flush like Bitcoin's liquidation cascade — ETH perp open interest is still parked at $24.64B even after $259M in longs got wiped in the last 24 hours. The leverage never really unwound. What left was the spot bid, session after session, from the ETF desks.
A one-day Foundation sale is noise. An eight-session outflow streak is a trend. When the two get blamed on each other in headlines, the OI/ETF divergence is the thing actually worth watching.
Is anyone else tracking ETH perp OI against ETF flow data day by day, or is this divergence only obvious in hindsight?
#Ethereum #Bitcoin #TradingSignals #TokenBot $BTC $ETH $TBOT
tokenbot.com
