🚨 THIS IS A MAJOR WARNING FOR $ETH $ETH spot demand has dropped to its lowest level of the year — even weaker than the Feb 6 bottom. 📉 Historically, that’s not a great signal. Why? • Spot demand = real buying interest (not just leveraged futures gamblers) • When spot dries up, rallies become fragile ⚠️ • Price gets supported mostly by derivatives/leverage instead of actual accumulation • That often ends with a flush when leverage unwinds 🩸 The worrying part: ETH price hasn’t fully reflected how weak spot demand has become yet. That creates a divergence. 👀 Historically, when spot demand hits these depressed levels, price often revisits or makes new local lows unless buyers return aggressively. Translation: Futures traders can push price around short-term… but without real spot buyers, upside becomes much harder to sustain. 🔥 #ETH #Ethereum #Crypto #Trading #OnChain #Markets