On Friday, although the data for $BTC was acceptable, the data for $ETH was rather weak. Although there was still a net inflow, the inflow was less than 25,000 ETH. It has been mentioned multiple times before that BTC relies on fewer sellers, while ETH relies on more buyers. Currently, the effect of more buying for ETH is clearly diminished, and the trading volume in the secondary market has also significantly decreased, so we need to observe further.

Here is a logic I refer to: if the purchasing power of ETH is strong, then even if it declines, the extent of the drop should not be much greater than that of Bitcoin. If the drop is several times greater, it indicates that investor confidence is very poor, and there will be very few investors with purchasing power or those betting on a rebound.

However, from the weekly data, in the 60th week, the net purchasing power of American investors exceeded 140,000 ETH, higher than the 100,000 ETH in the 59th week. The main purchasing power still came from BlackRock, which net bought 114,345 ETH in one week.

This article is sponsored by #Bitget ｜ @Bitget_zh

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