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3 Reasons to Be More Bullish on $ETH Today 20260731: 1️⃣ $ETH Shows Stronger Relative Strength Over the Past 30 Days $ETH is currently not simply following the broader market but has clearly outperformed $BTC over the past month. Surf market data as of 2026-07-31 14:00 UTC shows $ETH rising from about $1,598 to $1,877 over 30 days, a gain of +17.48%; during the same period, $BTC gained +6.69%. Strong assets are more likely to receive capital replenishment after a pullback or consolidation. If the market continues to recover risk appetite, $ETH is more likely to gain a resilience premium compared to $BTC. 2️⃣ ETF and Exchange Supply Structure Provide Support There is still absorption on the spot side. $ETH ETF net inflows totaled about $338.4 million in July 2026, with 16 days of net inflows and 5 days of net outflows during the period; the latest settled trading day on 2026-07-30 saw a net inflow of $12.8 million. On 2026-07-31, ETF data is still marked as unsettled, so a zero inflow should not be interpreted as actual capital stagnation. Meanwhile, on-chain exchange net flows are also skewed positive: from 2026-07-01 to 2026-07-30, total net flow across all exchanges was about -375,748 ETH, with 20 days of net outflows and 10 days of net inflows. Net outflows usually mean a reduction in tradable supply, which, if demand holds, makes price increases easier. 3️⃣ Contracts Are Not Overcrowded, Technical Structure Remains Bullish The contract side shows no typical signs of "long overheating." Binance ETH/USDT perpetual funding rate as of 2026-07-31 13:43 UTC is -0.002107% per 8 hours, annualized about -2.31%, with open interest around $4.377 billion. Negative funding rates indicate the market is not uniformly chasing longs; if spot continues to hold, short covering could instead become an upward driver.