From this chart, we can see that over the past month or so, institutional funds have started flowing back into ETH, and the momentum has significantly increased. Looking at the data, this week’s net inflow exceeded $240 million, marking the largest single-week positive inflow in the past 8 weeks—almost 9 times that of the previous week (a little over $27 million). Additionally, this marks the fifth consecutive week of positive inflows. Since July 10, the cumulative net inflow has reached approximately $566 million. Previously, from mid-to-late June to early July, there was a clear phase of net outflows (especially the week of June 26, which saw $273 million in net outflows). The cumulative net inflow has now surpassed $11.4 billion. Looking at the overall data, this indicates: 1. The institutional allocation window has reopened. Spot ETFs are currently the main channel for institutions. Several consecutive weeks of positive inflows + this week’s sudden surge suggest that large-scale funds (pension funds, mutual funds, family offices, etc.) have shifted their stance on ETH from “wait-and-see/reducing positions” to “actively increasing positions.” 2. A shift from “defensive outflows” to “offensive inflows.” In June, the large outflows (especially the $273 million net outflow week) corresponded to a period of weak market sentiment and ETH underperforming relative to BTC. Now, with five consecutive weeks of inflows and a gradual increase in magnitude, it shows that institutions no longer view ETH as a risky asset to underweight but are beginning to see it as an asset with allocation value. Overall, from June’s net outflows to July’s moderate inflows, and now this week’s acceleration, the trend is starting to take shape. However, it’s also worth noting: Weekly data is often driven by a few large transactions, so we need to observe whether the net inflow can sustain above $100 million over the next 2-3 weeks. If it quickly falls back to the $20-30 million range, then this week’s surge might just be a one-off spike. Additionally, while the cumulative net inflow has exceeded $11.4 billion, it’s still far from what would be considered a “full-scale allocation.” Institutional positions overall remain relatively cautious (which also suggests there’s still significant room for growth in the future when the timing is right).