I have gathered a few observations for myself — the picture, to say the least, is quite telling.

Against the backdrop of holidays, spot BTC-ETFs are pouring in nonstop.
Six days of outflows — from December 18 to 26.
Approximately $1.1 billion down. Not panic, but a methodical unloading.

The situation with Ethereum ETFs is similar, just on a smaller scale.
Investors are exiting calmly, without hysteria — which, by the way, is even more interesting.

Meanwhile, the fear and greed index has been in the "fear" zone for 8 weeks.
Longer and deeper than during the April 2025 crash.
And here’s where it gets really interesting.

Historically, such prolonged periods don’t mean the “end of the market,”
but rather the simple washing out of weak hands.
When fear persists for weeks rather than days — the market is already close to a reversal.

The most ironic thing is that the reversal pump usually comes exactly at the moment
when no one believes in it anymore,
ETFs are pouring in, no news, and the sentiment is — “whatever, forget it.”

I’m simply observing the fact: the market is currently not in euphoria, but in fatigue.
And such states often end unexpectedly.