Although Bitcoin on-chain data has performed steadily this week, the capital flow for ETH spot ETFs shows signs of fatigue. Notably, both BlackRock and Grayscale have recorded net inflows in Bitcoin products, while Ethereum continues to face ongoing net redemptions. This clearly reflects that: currently, traditional incremental funds are highly concentrated in Bitcoin, and there is still weak willingness to allocate to other altcoins.

However, the current selling pressure has not significantly intensified, suggesting that market holdings are still mainly in the hands of long-term holders, with a relatively low proportion of short-term speculative traders. Data shows that in week 98, ETH’s net outflow has narrowed to less than 2,000 coins, compared to the sell-off of up to 100k coins in week 97, indicating that panic sentiment has greatly eased. This “unshakeable” phenomenon is a direct reflection of holders’ increased reluctance to sell. #eth $ETH