Ethereum's lead in developer activity and proposed scalability improvements, such as the UTXO proposal, do not alter my bearish outlook.

Ethereum's lead in developer activity and proposed scalability improvements, such as the UTXO proposal, do not alter my bearish outlook. Institutional outflows and Ethereum ETF outflows suggest fading FOMO and hype, consistent with a liquidity-driven rally. Governance concerns and treasury shifts driven by liquidity reinforce my stance.