Flying Dragon Daily｜Ethereum Analysis In the short term, I think $ETH might outperform $BTC and remain bullish. Here are the main reasons: (1) Large ETF fund inflows Since August, Ethereum spot ETFs have seen a cumulative net inflow of $2.161 billion. During the same period, Bitcoin spot ETFs had a net inflow of $3.846 billion. Bitcoin's market cap is about 5 times that of Ethereum, so in terms of market cap proportion, Ethereum's fund inflow intensity is clearly stronger. (2) On-chain financial infrastructure narrative Stablecoins, RWA, DeFi, and other assets and settlements are still primarily centered around Ethereum and its L2 solutions. For institutions, buying Ethereum is essentially a bet on the future settlement layer of on-chain finance. (3) CLARITY Act We’ve mentioned the CLARITY Act before—it’s mainly about giving projects the opportunity to legally presell and issue tokens under clear rules. Once this path is opened, Ethereum and its L2s are very likely to be the first places to attract projects and funds. Ethereum stands to benefit from the growth of on-chain financing and asset issuance, further solidifying its role in the on-chain capital market.