At first glance, the data for the ETH spot ETF doesn't look good—none of the U.S. institutions showed net inflows. But in reality, ETH's net outflow data is quite similar to BTC's. However, over the past couple of days, there's been a noticeable lack of buying power for ETH. Even when Bitcoin experienced a rebound, ETH's performance still wasn't great, almost like it's back to that dark period. Ultimately, ETH-related discussions have significantly decreased. The previously hyped ETH strategic reserve is now barely getting any attention. Whether it's SBET or BMNR stocks, their performance has been underwhelming, and even the mNAV value has been underwater for a while. Although BTC isn't doing particularly well either, BTC sell-offs remain relatively rare. In the short term, unless ETH's buying power improves, it will be very difficult for the price to strengthen. Sponsored by Bitget ｜ @Bitget_zh