order-book depth is fragmenting spot-led moves — ether is rotating through medium-term al: reading the Nearly Billion tape

Attention jumps quickly; capital moves more slowly.

Even when feeds obsess over “Nearly $1 Billion in Crypto Liquidations Hit as Bitcoin Jumps 4.6%,” the durable question remains process versus prediction.

If Ether deteriorates while DEX volume looks fine, the tape often turns defensive first.

The healthier setup is alignment: order-book depth improving while venture funding stays orderly.

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