When the market shows obvious pessimism, $BTC has already started to decline, and often $ETH cannot escape either, with a drop that is usually larger than that of Bitcoin. So even with the spot ETF, the situation remains the same. The only difference with BTC is that BlackRock's investors have stopped selling Bitcoin, while they are still the largest sellers of ETH.

We have previously discussed that the main way BTC rises is not due to the amount of capital but rather the gradual decrease in the willingness to participate in trading BTC. The main reason ETH can rise significantly is due to strong purchasing power, but this purchasing power has not been seen for a long time.

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