What is moving, and why.

ETF desk flow improved across three consecutive sessions.

Funding is no longer deeply discounted.

ETF net flow confirmation above the 7-day mean.

Exchange reserves continued drifting lower.

Gas fee demand is uneven.

ETH/BTC reclaim of quarterly pivot.

On-chain active wallet growth remains high.

Liquidity concentration is elevated in fast money venues.

Depth recovery on pullbacks.

Spot accumulation increased during market-wide risk pauses.

Unlock and treasury flow calendars remain a concern.

Sustained accumulation above 30-day mean.