ETH just had an 11.7x volume spike while price dropped 3% — that’s not buying, that’s distribution

Yesterday I posted about ETH flagging warning signs — exchange inflows, VPIN approaching danger, and CVD divergence. I mentioned $2,100-2,180 as the zone I'd be watching if things cooled down.

Well, things didn't cool down. They got worse.

Volume exploded today — 11.7x above normal. But price dropped 3% at the same time. When volume spikes and price falls, that's not accumulation. That's institutional distribution. Big money is exiting, not entering.

What changed since yesterday:

• VPIN went from 0.82 to 0.913 — it crossed into critical territory. Yesterday I said it was "approaching danger." Now it's there.
• Exchange inflows are now 4 consecutive days net positive. ETH keeps flowing INTO exchanges. That's sell preparation building up day after day.
• That 28,540 ETH inflow I flagged yesterday? It wasn't a one-off. The pattern is continuing.
• CVD shows a bearish divergence — looks like there's buying on the surface, but price can't hold. Large buy orders are getting absorbed by even larger sells.

Retail and top traders are both long-biased. No divergence between smart money and retail — which means there's no contrarian signal to lean on either.

My $2,100-2,180 entry zone from yesterday? I'm not touching it anymore. The data deteriorated too much overnight. Now I'd need to see $2,060 hold as support first. If that breaks, my system targets $1,938.

CPI data drops tomorrow (April 10) — hot print could accelerate the selling. I'm completely flat on ETH and staying that way.

Anyone else tracking the inflow data? 4 straight days of net positive exchange flows is hard to ignore.

Not financial advice. Sharing my system's output for discussion.