Traders have turned more bullish on the ether-to-bitcoin pair near 0.02955, in stark contrast with continued outflows from U.S. spot ether ETFs.

In the latest completed session, those funds saw outflows of $139.7 million, highlighting continued pressure on ether-linked investment products despite traders’ improved appetite for ether.

The market’s focus on the 0.02955 level indicates that attention is turning to Ether’s ability to maintain its relative outperformance against $BTC, since a rise in this pair means Ether is outperforming Bitcoin.

This divergence between outflows from funds and positive trader signals leaves the market with an open question: does the optimism reflect readiness for an upcoming reversal, or is it merely a short-term bet?

So far, it is unclear whether withdrawals will continue in the coming sessions, or whether the 0.02955 level will hold as a key signal for traders, making it essential to monitor the next data releases.

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