$ETH Wipes $160M in Shorts — Can the Rally Hold? 📈

🚀 ETH broke above $3,700, liquidating $160M in shorts—after $195M was wiped at $3,500. But these forced buybacks may lack staying power without spot demand.

🐋 Whale activity shows short-term accumulation (7D Netflow +171%), but 90D flows remain bearish (-2512%), signaling long-term holders are still offloading.

📉 Spot market pressure persists. Sell orders continue to dominate, as traders use higher prices to exit—undermining organic bullish momentum.

📊 Crowd sentiment has cooled. Social Dominance and Weighted Sentiment are still positive, but well below euphoric highs—indicating reduced conviction.

🔻 Derivatives flipped cautious: Long/Short ratio at 0.96, with more traders shorting than longing. Without stronger bullish follow-through, ETH risks a pullback.