Market Sentiment & Institutional Narrative - The market seems to have overlooked past controversies surrounding the Ethereum Foundation following Ethereum reaching $4,000 [1] - Despite appearing as a crowded trade, data suggests the Ethereum market remains healthy [1] - The presence of an institutional narrative supports the positive outlook for Ethereum [1] Options & Futures Market Analysis - Options skew (IV Call - IV Put) is at a baseline level, significantly below previous highs, indicating no extreme demand for calls or puts [2] - Basis on CME futures and exchanges is low, and Open Interest (OI) on CME is lower than it was two weeks prior [2] Spot Market Dynamics - The spot book appears healthier, with buyers stepping in heavily at the lows to counter a previous large sell skew [2] - Although the book is skewed on the sell side again, it is relatively low compared to prior extremes [2] Overall Outlook - Expectation that any dips will be bought, with the market looking positive as long as indicators do not become excessively frothy [3]