Looking at the spot market data, ETH's trading volume is still lagging behind BTC. Although the price increase is decent, the momentum is much weaker. This is also why ETH's volatility is greater—investor stability is just too poor. As for the ETF primary and secondary markets, they’ve improved compared to the previous week. In the primary market, nearly 300,000 ETH were added in the past week, whereas last week saw a net outflow of 200,000 ETH. This does look promising, and the secondary ETF market has also seen an uptick in trading volume. While it’s not particularly high, you can still see investors becoming more active. However, if you compare the details of the capital flow, it’s a different story. It’s clear that investors still favor BTC, with the capital gap between ETH and BTC exceeding threefold. So, at this stage, if you’re planning to continue buying the dip, BTC is stronger and more stable. This is the capital effect. Of course, the key is that macro sentiment needs to stabilize; otherwise, this level of capital will still be suppressed by panic. Sponsored by Bitget ｜ @Bitget_zh