ETH is the programmable money bid. The last time we saw this setup was Wall Street buying oil in 2004. Scarcity + structural demand = one trade: let it run. ETH $4.2K+, flows are back, float is tight, ratios are coiling. Sometimes the best move is no move — stop chopping yourself up and let macro play out. ETF flows: July +$5.4B (record) in US spot ETH ETFs. August opened with a -$465M flush (Aug 4) and snapped back with +$461M (Aug 8). +174M net MTD — volatility on the tape, but the bid is still alive. Tom Lee doing god's work with BMNR, expect SBET to catch up. Float squeeze: ~35.7M ETH (~30% of supply) is staked. Ratios: ETH/BTC ~0.0365 pressing resistance. Target 0.040 — break it and history says 20–30% ETH outperformance vs BTC. Path to 0.05 by year-end if flows hold. SOL/ETH ~0.045 could compress toward 0.040 as ETH extends dominance (just flipped MasterCard in mcap).