ETH On-Chain Signals Are Flashing Bullish — Here's Why

The Setup

ETH is at a critical juncture. After months of consolidation, on-chain data is flashing a setup we haven't seen since Q4 2023. This is a quick take — we'll have the full deep dive next week.

What We're Watching

1. Exchange netflow turning negative — spot accumulation on-chain
2. Funding rates normalizing after the leverage flush
3. Options flow: large call buying at the 4000 strike for end of quarter