Once the news of Ethereum spot ETF approval came out, the price didn't surge but instead hovered around 1,710 for 24 hours, dropping 2 points.

This isn't the script I wanted. Everyone was waiting for this stimulant, SEC officially approved it, and the market instead became more cautious.

The lowering of institutional allocation thresholds is a fact, but whether staking yields can be included in the ETF remains a mystery. Funds are waiting for a clear statement before taking action, and right now it's a deadlock—bulls dare not add positions, bears dare not chase.

I stared at the liquidation chart on my phone for a while; the frequency of price dips at this level is much higher than before. The price repeatedly tests around the 1,700 mark, with dense long liquidations near 1,680 and 1,650 below.

If this support can't hold, a chain reaction could be easily triggered.

An ETF without staking yields is like a table missing a leg; institutions have calculated that it's actually more cost-effective to buy spot and stake directly. That's the core of the current conflicting sentiment.

But I noticed another thing. Previously, SEC Chair Paul Atkins mentioned reforming the IPO regulatory framework, aiming to lower retail investors' participation barriers. The controversy over retail investors only getting a fixed allocation when SpaceX went public is a typical example.

This is actually aligned with the fundamental logic of ETFs—both are about lowering the asset allocation threshold for ordinary people.

If we connect these two lines, the entire crypto market's capital flow logic might undergo a structural change.

On one side, compliant ETFs are entering; on the other, IPO reforms make it easier for retail investors to access high-quality primary markets. Both forces will shift attention back to "decent assets," rather than purely narrative-driven altcoins.

Liquidity will prioritize flowing into assets like $BTC and $ETH with compliant channels, while liquidity for small and medium coins will be squeezed tighter.

Funds are limited; whoever gets the compliant entry ticket first will draw most of the blood.

Do you think $ETH can still hold this position? #我的Gate交易时刻
#持有USD1即享收益 #预测世界杯巴西VS海地