Ethereum ETFs have no effect on Ethereum; no one is buying Ethereum in the US stock market, with a trading volume of less than 100 million. Bitcoin ETFs have a trading volume of 500 million, which is small compared to exchanges.

Currently, Binance's BTC/USDT spot trading volume is 4.1 billion, and contracts are 30 billion; ETH/USDT spot trading volume is 5 billion, and contracts are 40 billion. The total across all exchanges exceeds 100 billion.

This indicates that the main battleground for BTC and ETH is still on exchanges. In other words, the leading exchanges can determine the price movement of a particular coin. It is highly likely that this market trend is being driven by Binance.