The trend isn’t typical – the recent slide arrives alongside solid on-chain performance tied to capital flow, yet price remains structurally weak. ADWhat’s driving ETHFI lowerDerivatives have driven most of the decline through capital and positioning. They’ve already dominated retail investors for most of the year, feeding the asset’s underwhelming performance. ETHFI on-chain capital stays strongCapital keeps flowing strongly on the on-chain side of the market. For now, whale presence could stand as a key hindrance to the long-term ETHFI rebound retail investors are setting up.