First of all, I didn’t expect the ETH spot ETF to turn into a net inflow. Although the inflow volume is very low, most of it comes from BlackRock investors, and they’ve bought nearly 20,000 ETH. That’s already pretty decent data, and other institutions haven’t sold off much either. Also, I calculated the BTC supply situation today, so let’s do ETH as well. Historically, ETH’s supply peak was on October 8, 2025, at 6,911,138 ETH. Currently, it’s at 5,930,453 ETH, with a total reduction of 980,685 ETH, which is a 14.19% decrease. Compared to BTC, the sell-off volume has roughly doubled, but it’s still not that much. However, the price has dropped by 52.07%. Maybe the ETF has some influence, but it’s not the main reason. @bitget VIP, lower fees, crazier perks.