Currently, buying support below remains strong, and the market is entering a short-term consolidation bottoming phase: Despite the sharp sell-off, on the first trading day of Q4 (October 1), Bitcoin ETFs quickly saw a net inflow of $102.7 million. This indicates that spot demand for buying the dip remains resilient, and the short-term pullback is more a cleansing of excessively concentrated leverage than a reversal of the bull-market trend. ETFs have recorded net outflows for multiple consecutive trading days. As capital tends to seek refuge in assets with the strongest consensus during periods of market volatility, if Ethereum cannot provide strong fundamental support through innovation in ecosystem applications in the near term, the ETH/BTC exchange rate may face continued pressure in the short term.