Twelve Bennington

Flow rotation away from ETH: Spot ETH ETFs saw net outflows yesterday (Sep 2) of about –$135M, which tends to pressure price the next session and encourages traders to rotate into higher-beta alts.

Fresh supply headline for ETH: The Ethereum Foundation said it will convert 10,000 ETH (~$43M) on centralized exchanges over the coming weeks, a benign treasury move but a short-term overhang in traders’ minds.

SOL has real catalysts:

The Alpenglow upgrade (targeting ~150–200 ms confirmation) is rolling out with ~99% validator support, a throughput/latency boost that’s narrative-friendly.

Plus, ETF plumbing around Solana continues to build (e.g., VanEck’s staked JitoSOL ETF filing in August), which keeps SOL in the “next ETF” conversation.

XRP bid on regulatory clarity + expansion:

The SEC formally ended its lawsuit against Ripple in August, removing a multi-year overhang.

Ripple’s push into regulated finance (e.g., seeking a U.S. bank charter and buying payments firm Rail) supports a more “institutional” XRP narrative.

DOGE riding ETF/speculation & technicals:

The SEC is weighing “generic” ETP listing standards this month that could make DOGE/SOL/XRP ETFs easier to list, which traders are front-running across memecoins.

Technically, DOGE keeps knocking on the $0.22 area, with volume rising; momentum traders are fading into that level and rotating from majors.

Derivatives backdrop: Last week’s $14.6B BTC/ETH options expiry left ETH “max pain” around ~$3,800 per options positioning; that often acts like a nearby magnet/support and can cap upside short-term until new positioning builds.

What I’m watching next (near-term)

ETH ETF flows today/tomorrow—does outflow persist or flip positive? (If it flips, ETH can quickly catch up.)

Solana Alpenglow rollout cadence and any fresh ETF-related filings.

SEC decision window on generic ETP rules this month—any sign-off likely fuels DOGE/SOL/XRP beta again.

Ripple bank-charter milestones / integrations that could keep XRP decoupled from ETH.