Another detail flying under the radar:

Over the past few days, perpetual funding rates stayed flat, even during small $BTC pushes up.

That means the move is not driven by leverage.

At the same time, open interest increased while volatility dropped.

This combo usually signals position building, not chasing.

More interesting:

USDT and USDC balances on major exchanges have started to rise again.

Fresh dry powder is coming back — slowly, quietly.

On-chain data also shows long-term holders are not distributing.

Coins older than 6 months remain mostly untouched.

Translation for retail:

No panic selling.

No over-leveraged longs.

No hype.

That’s how early phases look.

$ETH is lagging in price but leading in activity.

Gas usage is stable, L2 flows are increasing, and ETH supply growth stays muted.

Altcoins feel dead — which is usually when they get dangerous in a good way.

Markets don’t move when everyone agrees.

They move when positioning is wrong.

The chart looks boring.

The data doesn’t.