ETFs are recovering. but the market is still in the leverage test bitcoin:native spot ETFs took in ~$500M net over the last four trading days. ethereum:native ~$121M net in the same period that's net positive but the full move isn't all new spot demand bitcoin:native and ethereum:native funding is positive today longs are paying a premium to carry positions. in the last 24 hours ~$28.7M in BTC shorts and $28.2M in ETH shorts got liquidated so the current structure: ➛ spot demand recovering + short squeeze accelerating it + leverage playing a role in setting direction again that's why reading the ETF inflow alone as "a new and clean risk-on cycle" is premature the real test comes next: ➛ can ETF inflows continue while funding stays calm? ➛ can bitcoin:native hold around $64K without leverage getting cleaned out? ➛ and most importantly can spot buyers take over the momentum that the derivatives market created? positive data exists for now but the market is still pricing leverage quality, not conviction