Pressure is coming not only from the derivatives market but also from the broader external liquidity environment. Rising U.S. Treasury yields back toward the 4.56% range and a stronger U.S. dollar are further weakening overall risk appetite. Ethereum spot ETFs recorded approximately $215 million in net outflows over the past week, with daily selling pressure at times exceeding $28 million. This is reducing the institutional absorption capacity at a moment when $ETH needs fresh support. Outflows from cold wallets have also slowed, while occasional inflows appear during price rebounds. However, as macro liquidity continues to tighten, leveraged positions may become the biggest source of short-term volatility risk. ETF outflows and weaker macro liquidity are making $ETH’s recovery attempts increasingly difficult to sustain. #AnthropicFromBanToCIA #EFvsBitMineETHBet $ETH