Spot market buying surges while derivatives traders hedge with short positions, creating a split personality in ETH markets before key inflation data. Managed-money flows into ETH spot markets have surged to 7.2 times their normal rate ahead of the July Consumer Price Index report, according to on-chain analytics firm Nansen. Reading between the positionsBy accumulating ETH in spot markets, these investors establish a long-term position at what they perceive as favorable prices. The spot buying is running at 7.2 times the normal pace. For Bitcoin specifically, BTC trading near $63,455 with net short derivatives positioning mirrors Ethereum’s pattern, though the ETH spot accumulation appears more pronounced.