On a data level, the ETH spot ETF was approved on July 22, 2024, and it has been almost a year now. Recently, the average price of ETH has been around $2500, while the average purchase cost for investors in spot ETFs is around $2800 or more, and even above $3000 is not ruled out. Daily buying volume record: https://docs. (google.com)/spreadsheets/d/1W7JJ8lMQiUUlBb9U-BvFoq2H-2o5CpUuPO4D_KK3Ubw/edit? usp=sharing So for most institutional users, the current price of ETH is not high, similar to the ETH price of around $60000 after January 11th. Secondly, and most importantly, the spot ETF institution that buys the most ETH is still BlackRock, followed by Fidelity and Grayscale. The purchasing power of BlackRock investors accounts for more than half (the same goes for BTC). So it can be said that American investors are bullish on ETH, rather than BlackRock being bullish on ETH, and BlackRock is transmitting this bullish view to investors through wealth managers and other means. It has been proven that only BlackRock investors are biased towards long-term investors, while Fidelity investors are more sensitive to prices, and spot ETF institutions other than BlackRock, Fidelity, and Grayscale can be ignored. So whether ETH is popular or not may not be determined by what ETH is, but by what BlackRock considers ETH to be. Although it may be a bit cruel, in reality, based on the data, it may be the case. Of course, this is my personal opinion, and it may not necessarily be correct. The net position of US spot ETF institutions is 5038016 ETH, of which BlackRock holds 2460760 ETH. Through spot ETFs this year, BlackRock investors bought a net of 2457729 ETH. This article is sponsored by Bitget | @ Bitgetzh