Ethereum is sending mixed signals.



Despite exchange supply hitting multi-year lows, $555M in $ETH saw outflows last week, largely driven by U.S. regulatory uncertainty.

Meanwhile, Bitcoin continues to dominate liquidity and risk appetite.

Until $ETH can consistently outperform $BTC, the case for an Ethereum-led altseason in 2026 remains unconvincing.

Strength leads cycles, narratives follow.
ETH1,59%
BTC0,38%
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