Extremely impressive inflows and performance from #BTC but still think the ETHBTC bottom is in and we're just moving through a period of time-based capitulation.

Strong BTC #ETF inflows tells the market there will be strong #ETH etf inflows. That uncertainty was what squashed the initial eth etf front run move, but now the market has the confidence to get back into the trade.

Think the most overlooked aspect is the relative change in ETH's supply picture compared to the last few months. A large indiscriminate seller has run out of coins and #restaking protocols ballooning in TVL (ETH being locked up).

Restaking and the complex building around it is implicitly raising the opportunity cost of not holding ETH. Not only do you have the eigen airdrop, but then you will have all the AVS #airdrops. You could be looking at 20% - 30% over the next few months just for holding ETH (maybe more).

Throw in blast and mantle airdrops, throw in some general reflexivity, and you can have a pretty nasty supply squeeze on ETH.