ETH spot ETF experienced a net outflow of $42.1 million this week, while during the same period, BTC ETF saw a net inflow of $22.2 million—two opposite directions, clearly indicating that institutional funds are shifting towards BTC, with ETH losing value. Meanwhile, today there was a wave of whale sell-offs on the chain: well-known trader @thomasg_eth liquidated approximately 11,000 ETH (worth over $23 million), taking a loss of about $1.27 million to exit; another newly created whale address opened a short position worth about $20 million with 20x leverage. Research firm 10x Research also recently published an analysis, stating that Ethereum has essentially become "dead money" over the past five years, with on-chain activity remaining sluggish and value accumulation limited.