ETH had a rough May, and the ETF outflows definitely damaged sentiment. When institutions keep pulling money out, price pressure becomes hard to ignore, especially in a shaky macro environment. What's interesting though is that on-chain data still looks surprisingly strong. More ETH keeps getting staked and accumulation wallets are growing, which means long-term holders are still positioning despite weak price action. I think the Glamsterdam upgrade is the real story here. If Ethereum successfully delivers lower fees and better scalability, sentiment could flip very fast, just like previous upgrade cycles. Short term, ETH still looks vulnerable while ETF flows stay negative. But long term, I still see Ethereum as one of the strongest assets in crypto. Personally, I'd rather accumulate fear than chase recovery pumps later.