ETH Whales Take $7.3M Profit Amid Mixed Derivatives Signals and ETF Outflows

The market is currently navigating a complex landscape characterized by conflicting signals. While on-chain data reveals significant profit-taking and de-risking by major holders, with over $7.38 million in transferred to exchanges, derivatives markets show a mixed sentiment. Positive funding rates and increasing open interest suggest bullish speculation in perpetual futures, yet a negative delta skew in options indicates a demand for put options, signaling bearish hedging or outright bearish bets. This is further complicated by a discount on long-dated futures, reflecting institutional caution on long-term prospects. Recent news highlights a broader crypto market downturn, with substantial and ETF outflows, and falling below $3K, reinforcing negative sentiment despite a recent 24-hour price increase for outperforming.