The ETF data for ETH in the past couple of days is quite telling. On December 19, approximately $76 million flowed out, marking seven consecutive trading days of net outflows, primarily driven by BlackRock's ETHA, with other ETFs showing little movement.

Looking at the price, ETH has consistently hovered below $3,000, attempting to rise several times without success. Institutions clearly have no urgent reasons to increase their positions. It feels more like a short-term strategy to reduce risk before clarity on direction emerges.

Compared to $BTC , the ETF also experienced outflows, but the structure is clearly more stable. The current $ETH is less about being bearish and more about a lack of urgency. With the market stagnant and funds idle, it's essentially a waiting game; real changes will have to wait for prices to break out.