$ETH bleeding -4.01% while large wallets exfiltrate ~77K units in 24h—five-day total breach now -195K. Outflows confirm a coordinated de-risk, not impulse selling. Orderbook tilt favors sell pressure—retail capitulating under low liquidity, no staking bid, no L2 buffer.

Funding rates rising stealth (~0.04%/8h) while price stalls at $3,468 → textbook long trap. High-leverage longs incentivized into liquidation zone unless ETF flow structure reverses. Correlation to BTC decayed—ETH/BTC ratio collapsing = no macro tailwind.

Short bias remains structurally intact. Retail bounce attempts = exit liquidity for whales reloading short-side.