Comparing ETH to BTC, the flow structure looks noticeably weaker right now. Here's what's happening:

On the Perp side, whales have already banked $450M in profits—basically 45% of their long positions. That's solid gains they're locking in. But spot markets tell a different story: there's persistent selling pressure with $173M in net outflows.

The price action is interesting too—ETH keeps bumping against the upper band of whale accumulation levels. This usually signals tension between buyers trying to push higher and selling pressure from profit-takers and spot liquidation. When you combine the Perp profit-taking with ongoing spot weakness, it paints a picture of slowing momentum. The upside might have more resistance ahead unless we see fresh buying interest come in.