Ethereum just outpaced Bitcoin with $365 million in ETF inflows, but on-chain data shows the real bottom isn’t in yet

- Ethereum just stole Bitcoin’s thunder with $365M in ETF inflows, proving that while BTC is busy failing to break $65k, ETH is busy getting rich. Morgan Stanley’s new trust is trying to turn your meat wallet into a stack-eye, and BitMine is hoarding Ether like it’s the last hash manifest on a threadbare hull. But don’t pop the champagne yet. On-chain data screams that the real bottom isn’t here. The MVRV ratio and exchange flows are still screaming "not exhausted," meaning this rally is just a recovery from depression, not a cycle reversal. Until those metrics hit historical lows, this is just aggressive passive income for the impatient. Keep your eyes on the 0.030 level, because if it breaks, you’re just paying for the privilege of being wrong. Professional solidarity: don’t touch the robot until the data confirms the floor.