First of all, I didn't expect that the $ETH spot ETF actually turned into a net inflow. Although the inflow amount is low, it mainly comes from BlackRock's investors, and they bought nearly 20,000 coins, which is already a decent figure. Additionally, the sell-off from other institutions is not significant.

Moreover, today I calculated the stock situation of $BTC, and now let's calculate ETH. Historically, the peak stock of ETH was 6,911,138 coins on October 8, 2025, while currently, it is 5,930,453 coins, a reduction of 980,685 coins, which is a decrease of 14.19%.

Compared to BTC, the sell-off volume has roughly doubled, but it is still not very high, while the price has dropped by 52.07%. The ETF may have some relation to this, but it is not the main reason.

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