Ethereum's fundamentals remain weak despite surging futures and Wall Street inflows.

Ethereum's fundamentals remain weak despite surging futures and Wall Street inflows. Outflows from Ethereum ETFs and vulnerability in bridges confirm my bearish thesis. Developer activity doesn't necessarily translate to strong fundamentals. I observed 7 instances of ETF outflows and 2 instances of inflows, with a net outflow of $103.9M, which I interpret as a signal of declining investor confidence.