Everyone’s calling ETH “dead” because DApp revenue dropped ~50%, but that feels like a narrow read.

Yeah, revenues are down and price has been stuck after a rough drawdown. Not great on the surface.

But at the same time, spot ETH ETFs have logged around 10 straight days of net inflows roughly $633M absorbed during that same period. That doesn’t look like distribution.

Feels more like institutions are accumulating while sentiment stays weak. We’ve seen this pattern before where capital moves first, and usage metrics catch up later.

So I’m wondering do you treat this as early accumulation, or just noise during a downtrend? At what level would you actually start positioning?