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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.