Saw some folks asking why the ethereum:native spot ETF has been experiencing continuous net outflows this week, yet ETH's price is still going up. First off, ETFs are just one part of ETH trading, not the whole picture. Compared to native crypto trading, the trading volumes between the two are quite different. For example, on October 20, the total trading volume of all U.S. ETH spot ETFs was about $625 million, while the spot trading volume of ETH on exchanges was around $11.052 billion—roughly 17.7 times that of ETFs. So, net outflows from ETFs don’t mean the entire market is selling. When ETF investors are reducing their holdings, funds on exchanges might still be primarily buying. After all, everyone’s cost basis and trading rhythm are different. As long as other channels can absorb these sell orders and are willing to buy at higher prices, ETH’s price can still rise. Also, price increases don’t necessarily require a significant surge in buying. If fewer people are willing to sell at the current price, the same amount of buying pressure can push the price higher. So unless ETF data shows a massive spike in trading volume, it’s more of a reference point for the mindset of traditional U.S. investors. One @Gate, trading across more markets.