According to @Excellion, recent ETHBTC action is driven by ETH holders with significant BTC rotating BTC into ETH to pump price on new Ethereum Treasury companies narratives; source: https://twitter.com/Excellion/status/1954384333810413998. He states that once price is high enough, these actors will dump their ETH, implying a pump-then-dump dynamic in the ETHBTC pair; source: https://twitter.com/Excellion/status/1954384333810413998. For traders, @Excellion's view highlights elevated risk of post-pump ETH supply and the need to monitor ETHBTC strength for potential distribution risk; source: https://twitter.com/Excellion/status/1954384333810413998.