Ethereum social commentary has turned very bearish for the third time in a month, according to Santiment, with the ratio of positive to negative commentary falling to 1.089 on July 24. The two previous troughs on June 27 and July 11 preceded gains of 14% over seven days and 7% over four days, respectively. Santiment noted that while negative sentiment does not guarantee an instant reversal, the combination of active ETF flows, layer-2 activity, and protocol upgrades often creates a cleaner setup for a turnaround. Meanwhile, Ethereum spot ETFs pulled in $103.9 million in the week ending July 24, marking a third straight positive week, and CryptoQuant said ETH trades roughly 17% below its realized price of $2,304, a zone historically associated with market bottoms. The ETH/BTC exchange inflow ratio sits near 0.8, down from above 1.5 in August 2025, and Binance reserves have fallen from nearly 5 million ETH in mid-2025 to around 3.8 million, reducing sell-side pressure.