Indeed, $ETH is treated much worse compared to $BTC. Although Bitcoin also experienced a net outflow, the amount was not significant, whereas for ETH, the net outflow from BlackRock investors was nearly 1.5% of the total. This outflow essentially corresponds to most of the inflow in May. If we factor in last Friday's outflow, the entire inflow for May has been drained out.

This also illustrates the traditional investors' indifference towards cryptocurrencies. They are essentially trying to chase gains and cut losses, believing that during the rise of the U.S. stock market, they can also bet on the rise of cryptocurrencies. The advantage of BTC is that there are more long-term holders who convert to believers, while ETH is more of a pure financial investment. When the situation looks unfavorable, they leave immediately.

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