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Some friends asked why Bitcoin is down 4% today while Ethereum remains so strong?
Actually, it's due to Wall Street institutional fund reallocations: selling BTC, buying ETH.
Some institutional funds that withdrew from BTC are now swapping into ETH, with recent large-scale purchases of ETH ETFs by Wells Fargo and Jane Street high-frequency trading: Wells Fargo's ETH ETF holdings increased by 63.5% in Q1, Jane Street's ETHA holdings grew by 87% quarter-over-quarter; listed companies like Bit Digital and BitMine continue to stockpile large amounts of ETH in spot holdings, with BitMine adding 111.9k ETH in one week.
Second, on-chain staking locks up circulating supply of ETH.
Over 30% of ETH is staked on the chain and cannot be circulated, reducing the circulating chips in the market. Under the same selling pressure, the decline is naturally smaller than BTC, and the sell-off cannot push the price down significantly.