Market looks stable… but something underneath feels off…

Price hasn’t really broken down, but it doesn’t feel strong either

BTC is holding up, ETH isn’t doing much, but alts still aren’t really participating

what stands out more is what’s happening underneath

Open interest has been coming down while price just sits there

stablecoin flows have cooled off again after picking up earlier

So it’s not panic… but it’s not expansion either

feels more like the market is just slowly losing participation rather than actually trending

that’s the part I find tricky, because price alone makes it look stable, but the underlying pieces aren’t really confirming it

I think the part most people miss is what actually drives that shift, not just what price is doing

curious how others are reading this right now — does this feel like a pause before continuation, or something weaker building underneath?