TechFlow news, Andrew Kang, co-founder of Mechanism Capital, shared his view that the ETH rebound ahead of ETF approval has peaked near $3,600. After adjusting for delta-neutral flows, yesterday's actual ETF net inflows were negative. The previously front-run capital and leveraged positions totaling around $4–5 billion now face risks of rapid unwinding.
The ETH/BTC ratio could fall to 0.04 or lower. If it reaches that level, Kang believes ETH would no longer be an attractive hedging instrument.




