以太坊今天跌了2.3%，抹掉了昨天的涨幅，但这个波动幅度对这枚币来说很正常（过去30天里处于第73百分位），而且杠杆赌注总量（未平仓合约）同步下降1.4%，说明这不是新增空头杀跌，更像是部分仓位减仓离场。ETF（交易所交易基金）已经连续3天净流出，不过过去14天累计仍是净流入4.485亿美元，以太坊兑比特币的汇率过去30天还涨了2.6%，说明资金轮动到以太坊的大方向没变，只是机构这边的确实流入还没跟上。情绪指标过去7天略有转弱，价格又基本原地踏步，这也是信心分数一直压在五成出头的原因。
ETH reversed 2.3% from yesterday but the move is NORMAL for this coin (73rd pctile) and OI fell 1.4% alongside the drop — a no_leverage_build label, meaning the pullback was not driven by fresh short leverage, just positions easing. ETF outflows have now run 3 straight days, but 14d cumulative is still +448.5M and ETH/BTC keeps grinding higher (+2.6% in 30d), so the broader rotation-in story is intact even as the institutional flow lags. Confidence stays capped mid-50s because sentiment is deteriorating (F&G down 3 over 7d) while price is flat — a stable but unconvincing setup.