📈 ETH ETF's withdrawal speed is soaring In the past 15 trading days of the US stock market, the net inflow of US spot Ethereum ETFs exceeded 1 billion, and the total inflow exceeded 4 billion. This stage only accounts for 6.5% of the trading days since the listing, but contributes 25% of the total capital inflow. Blackstone iShares ETHA is the main force: on June 11th, it made a daily deposit of 160M+, and there have been five daily net inflows of over 100M in the past three weeks. Grayscale ETHE continues to flow out, with a cumulative redemption of 4.28B. Although the redemption pace has slowed down, it has not been able to prevent fund migration. What is driving this wave of ETH ETF boom? *The rebound of ETH price relative to BTC *IRS clarifies tax guidelines for staking income *Multi asset institutions are starting to rebalance, viewing ETH as a 'core allocation' rather than a 'speculative tool' As of Q1, institutions only account for one-third of ETH ETF assets. The next 13F disclosure (mid July) will be crucial to see how many institutions have come in. The incremental wave of ETH ETFs may have just begun.