According to @cas_abbe, Ethereum flows indicate DeFi is reducing risk as leverage loops unwind, shifting on-chain exposure toward institutional channels (source: @cas_abbe). Traders are closely watching stETH-ETH peg stability, as depeg risks can affect collateral quality and liquidity across DeFi (source: @cas_abbe). Institutions are increasing exposure, with ETFs taking in billions even as stakers withdraw, pointing to a rotation in who holds ETH rather than market weakness (source: @cas_abbe). For positioning, traders can track ETF net inflows, staking withdrawals, and the pace of DeFi de-leveraging as key flow metrics (source: @cas_abbe).