🚨🚨There’s a contradiction in $ETH that most people are ignoring.

Spot Ethereum ETFs accumulated more than $2 billion in net inflows over the past month. There were even days with individual inflows exceeding $200 million.

But the price isn’t responding. In fact, the $ETH /$BTC ratio just hit 0.052, its lowest level in seven months.

Here’s the problem: if institutional demand is so strong, who is selling enough to absorb all that buying without moving the price?

There are only two logical explanations:

A. Quiet selling: Early adopters or miners are liquidating old positions at exactly the same rate that new money is coming in.
B. Derivatives pressure: The futures market is pushing the price down with liquidations or negative funding faster than the spot market can absorb.

Something has to give.

Which of these two explanations seems more likely to you? Leave your hypothesis in one sentence.

I’ll review the on-chain flow data next week to see which hypothesis comes out on top. Follow me if you want to see how it plays out.

#Ethereum #FedMinutesFocusOnOctoberPause #BTC☀️ C #AnálisisOnChain