$ETH is up +5.52% from the Oct 14 low at $2,317.00, now trading at $2,444.96 If you had longed it at the Oct 14 10:00 PM ET low with $100k at 10x, you'd be up +$55,227 right now Why it moved Treasury companies stopped just holding ETH and started putting it to work. SharpLink confirmed $400 million of ETH deployed onchain, $200 million with EtherFi and $200 million with Lido, CoinGape reported on Oct 20. On KuCoin, ETH tagged $2,477.89 in the 10:00 AM ET hour on Oct 20 and has held above $2,440 since. The bigger thesis The split is the story. US spot ETH ETFs saw a fifth straight day of outflows on Oct 20, $26.13 million net, with BlackRock's ETHA losing $33.02 million while Fidelity and Grayscale took in small amounts, per SoSoValue data reported by PANews on Oct 21. So the price is being held up by balance sheets, not funds. When ETF flows flip back to inflows while treasuries keep staking, supply gets tight fast. What I'm watching next FXStreet flagged the 50-day EMA near $2,480 as the cap at 11:50 PM ET on Oct 20. Above: $2,464.99, the 9:00 PM ET high, then $2,477.89, then about $2,480, then $2,529.84, the Oct 14 top. Below: $2,440.13, the 1:00 AM ET low, then $2,425.73, then $2,377.18, then the 200-day EMA near $2,326.56. My ETH levels hit the Telegram before the crowd sees them. Join now and stop finding out late. Still watching from the sidelines? Every move in this post was there for anyone looking early. Stop reading recaps after the pump. Join before it's too late: t.me/+Z3NwL0DSnmk0ZjI0