The article discusses the potential factors influencing the price movements of Ethereum. The author highlights the significant drop in netflow on derivative exchanges, indicating the closure of leveraged positions or transfer of funds to cold storage. This reduction in available supply can create conditions for a price increase if demand remains stable or grows. However, the nature of these outflows can lead to short-term market volatility. The article also mentions the importance of liquidity conditions, with rising liquidity levels potentially having a bullish effect on risk assets. The author further emphasizes the significance of Ethereum's liquidation map and the trajectory of net liquidity in determining the broader sentiment toward risk assets.



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