$ETH tagged $3K this week with a 13.5% rally in two days.
Strong move on the surface. But under the hood, conviction looks mixed.
Futures premium sits at 5%, barely out of neutral territory.
Options skew has hovered around -3% for weeks,
That’s despite $468M in net inflows into US-listed ETH ETFs and some headline treasury buys (SBET, BTBT) supporting short-term flows.
On-chain, it’s a similar paradox. Ethereum’s TVL has climbed from $50B to $73B in three months, and L2 volumes hit $58.6B.
Yet DEX activity sits at a 9-month low, and fee revenue dropped 22% last month.
What does ETH need to flip momentum into conviction?
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