XRP seeing steady ETF inflows while whales move coins off exchanges — accumulation or distribution?

Trying to make sense of this, but XRP has seen around $75M in ETF inflows this month, with multiple consecutive days of net positive flows.

At the same time, roughly 35M coins left exchanges in a short window, with large holders driving most of that movement.

What’s interesting is price hasn’t really reacted much yet and is still hovering around the same levels.

Feels like there’s a disconnect between positioning and price action.

Do you guys see this as accumulation before a move, or could this be something else like redistribution or liquidity positioning?

Curious how you guys are positioning around this right now.