Here’s some data-related information: The $ETH spot ETF was approved on July 22, 2024, and it has been almost a year since then. Over the past year, the average price of ETH has been around $2,500, while the average purchase cost for investors in the spot ETF is above approximately $2,800, with some even exceeding an average cost of $3,000.

Daily purchase volume record: https://docs.google.com/spreadsheets/d/1W7JJ8lMQiUUlBb9U-BvFoq2H-2o5CpUuPO4D_KK3Ubw/edit?usp=sharing

Therefore, for most institutional users, the current price of ETH is not high, similar to the ETH price of around $60,000 after January 11. More importantly, the institution that has bought the most ETH through the spot ETF is BlackRock, followed by Fidelity and Grayscale.

BlackRock investors account for more than half of the purchasing power (the same goes for $BTC). So, it would be more accurate to say that it is BlackRock that is optimistic about ETH rather than all American investors, and BlackRock conveys this optimism to investors through financial managers and other means.

It has been proven that only BlackRock investors tend to be long-term investors, while Fidelity investors are more sensitive to price. Other than BlackRock, Fidelity, and Grayscale, other spot ETF institutions can be disregarded.

Thus, whether ETH is popular may not depend on what ETH is, but rather on what BlackRock thinks ETH is. Although it sounds a bit harsh, the data suggests that this might be the case. Of course, this is my personal opinion, and it may not be correct.

The net holdings of U.S. spot ETF institutions amount to 5,038,016 ETH, of which BlackRock holds 2,460,760 ETH. Over the past year through the spot ETF, BlackRock investors have net purchased 2,457,729 ETH.

This article is sponsored by #Bitget ｜ @Bitget_zh

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