₿ Crypto Alpha | I check these ETH metrics every day now. Lately, when I look at ETH, I find myself more interested in on-chain data than盯着 K-lines. Recently, one metric stood out: MVRV has risen above its 160-day moving average. I recall that in past instances when this signal appeared, ETH later delivered solid rallies. Of course, history doesn’t repeat exactly. But it does suggest that market sentiment is noticeably better than it was a few weeks ago. Besides MVRV, I casually check a few other metrics daily. One is whether ETF inflows continue. We’ve now seen three consecutive weeks of net inflows, with over $330 million accumulated in July—indicating institutional capital is still gradually entering. Another is whether whales are still buying. Bitmine recently added nearly 10,000 ETH, and the number of wallets holding between 1,000 and 10,000 ETH has been steadily rising. There’s also a metric many people overlook: ETH staking volume. At the beginning of July, it was around $63 billion; now it’s climbed to $77 billion. More and more ETH is being locked up. This suggests many holders are choosing to hold rather than sell urgently. Of course, There are still some risks. At month-end, we have the Fed’s interest rate decision, the next developments on the CLARITY Act, and geopolitical tensions—all of which could increase market volatility. So I’m not rushing to go long or short. But I do notice: Funds, on-chain activity, and staking volumes are all slowly aligning in the same direction. When that happens, I pay closer attention than usual. I’ll keep monitoring.