ETF is back in the green: Jan 14 net flow BTC +$840.6M and ETH +$175.1M. ETH on-chain is not overloaded: avg gas 0.062 gwei, pending 73.9k, util 47%. DEX vol (24h) $2.89B, active addr 909k. Expectation: while fees are not rising, it's more risk-on noise than on-chain flow.Baseline scenario for the coming days: while fees/gas, pending, and DEX volumes aren't accelerating, volatility is more likely to stem from flows/news than from on-chain Fomo. The trigger for a regime change is a simultaneous increase in gas/fees + active addresses + DEX volume. Sources: Farside/Etherscan/DeFiLlama. #BTC #ETH #Onchain #Flows