Yesterday, the data for $BTC was not good, and the data for $ETH was even worse. Not only did BlackRock experience a net outflow, but Fidelity also saw a net outflow. The difference is that BlackRock's investors had a net outflow of only 107 coins, while Fidelity's was nearly 10,000 coins. Indeed, Fidelity's investors are more sensitive to short-term price changes. Aside from these two companies, all other institutions reported zero.

In fact, from a price perspective, the correlation between ETH and BTC is still quite good. When BTC rises, ETH almost never falls behind; it’s just that ETH has larger fluctuations in comparison. By the way, it seems that there are very few participants discussing ETH's upgrade today; we might as well wait for liquidity to recover.

Currently, it is really difficult for ETH to break out into an independent market trend. It is very likely that even if the spot ETF staking is approved, it won't be of much help.

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