As the price rebounds, the data performance of the $ETH spot ETF is also good. The purchasing power in the last two days has been around 20% to 30% of $BTC, which is quite decent. I estimate that many friends will ask why the spot ETF has bought so much, but the coin price has not changed significantly. This question has already been answered 100 times.

Whether users buy BTC or ETH, it may not necessarily be directly from the market, let alone from exchanges. One reason is that the buying volume itself is not very large, and another is that AP takes on a significant portion of the buying and selling. AP acts like a market maker; when users buy or sell, it is almost always AP that handles it.

AP can sell to the market or buy and hold for itself. When users need to buy, AP can also sell its inventory directly to users. Therefore, the prices of the spot ETF and the spot market are not 100% correlated.

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