$175 million worth of Ethereum changed hands, and the loss did not come from a protocol failure, a smart contract bug, or an ETF malfunction.
It came from positioning. BlackRock and other ETFs executed large ETH purchases through standard market flows. Sellers provided liquidity assuming limited follow-through. The buying was absorbed cleanly. Price held instead of retracing. No errors occurred. No systems failed. Capital simply moved from impatient hands to structured demand. The rule is clear. Liquidity exits before it understands who is on the other side.
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$175 million worth of Ethereum changed hands, and the loss did not come from a protocol failure, a smart contract bug, or an ETF malfunction.
It came from positioning.
BlackRock and other ETFs executed large ETH purchases through standard market flows. Sellers provided liquidity assuming limited follow-through. The buying was absorbed cleanly. Price held instead of retracing.
No errors occurred. No systems failed. Capital simply moved from impatient hands to structured demand.
The rule is clear. Liquidity exits before it understands who is on the other side.
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