Compared to $BTC, the data for $ETH is slightly better, and it still maintains a net inflow, although the inflow amount is pitifully small. Grayscale and BlackRock have seen a slight inflow, while Fidelity's investors prefer to chase highs and cut losses, making them the main sellers. In the past two days, it has been evident that traditional investors are selling ETH much less aggressively than BTC. It is unclear whether this is due to losses, leading them to be reluctant to sell.

Overall, we are still in a time of macroeconomic instability, and there is almost no independent narrative in the cryptocurrency space. BTC continues to closely follow the correlation with U.S. stocks, while ETH is tracking its correlation with BTC.

This article is sponsored by #Bitget ｜ @Bitget_zh

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