Compared to the data of $BTC, the data of $ETH is still lacking. BTC has already returned to positive inflow, but ETH is still experiencing net outflow, especially since the large buying by BlackRock investors in BTC has not been seen in ETH for several days. Instead, Fidelity investors have been the main players for the last three working days, but only Fidelity has been buying, with almost zero activity from others except for Grayscale. Additionally, Grayscale has also had a significant amount of selling recently.
Although the numbers show that Grayscale's selling has decreased from five digits to four digits, it should be nearing the end of the sell-off. Currently, the trading volume of ETH is not likely to pose a significant threat to the price. However, as the market has returned to stability, more funds are still concentrated in top assets, and the increase in ETH has not even surpassed that of BTC. This should be one of the reasons for the slowdown in buying by investors.
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