At 3:17 AM, while the crypto world was still asleep, Wall Street giants quietly rewrote the rules of the game—BlackRock's Ethereum ETF alone absorbed a net inflow of $17.6 million last night, while the funding channels of the other 7 issuers seemed to be frozen. This is not an ordinary fund flow, but a nuclear deterrent rehearsal on the institutional battlefield!

I. The "lonely warrior" in the capital coliseum

On the 17th day after the approval of the Ethereum spot ETF, the market displayed a suffocating Matthew effect:

  • BlackRock's ETH holdings have surpassed 230,000 coins, equivalent to 0.2% of Ethereum's circulating supply

  • Grayscale ETHE faced an outflow of $320 million, with the discount rate expanding to -27%

  • Fidelity and five other institutions saw their ETF daily trading volume collectively fall below $1 million, akin to "zombie funds"

This scene resembles the reenactment of the Bitcoin ETF battle in January 2024, but this time BlackRock's knife is sharper—they proved with a net inflow of $13 billion into Bitcoin ETFs that in the crypto world, traditional financial giants can crush all challengers with compliant weapons.

II. The crypto signal behind $17.6 million

A close reading of this funding report reveals three shocking details:

  1. Time assassin: Fund inflows concentrated between 21:30-22:00 Eastern Time, coinciding with the golden half hour before the U.S. stock market closes

  2. Whale traces: Up to 3 large purchases over $5 million each, suspected to be institutional accumulation

  3. Market maker predicament: Behind the zero inflow of other ETFs is the collective withdrawal of market makers like Jump and Wintermute from the liquidity pool

This reveals a harsh reality: Wall Street is using the "suction method" to drain the survival space of competitors. Just like in 2017 when the Chicago Exchange launched Bitcoin futures, the two giants CME and CBOE ultimately devoured 87% of the market share.

III. Retail investor apocalypse: Surviving between the teeth of the beast

When BlackRock turned the Ethereum ETF battlefield into "a one-man show," ordinary investors must understand the three survival laws:

  1. Caution for the siphon effect: Every 1% increase in market share by leading ETFs raises the mortality rate of small and medium-sized funds by 22% (Source: Bloomberg)

  2. Volatility inversion: The ETHA premium rate and the spot price difference of Ethereum have broken 0.8%, suggesting a potential for violent price fluctuations in the short term

  3. Regulatory gray rhino: The SEC's scrutiny of issuers other than BlackRock has surged by 300%, and policy risks are accumulating


At this moment, holding your position is like holding the last ember:

  • Holders of ETH spot must closely monitor ETHA fund flows, and hedge immediately if the premium rate breaks 1%

  • Contract players should avoid opening positions between 15:00-17:00 Eastern Time (ETF funding settlement window)

  • Dollar-cost averaging strategies need to be recalculated: BlackRock's daily accumulation now accounts for 47% of the daily output of the Ethereum network

History always rhymes—when the Bitcoin ETF war gave rise to a myth of 62% monthly growth, today on the Ethereum battlefield, BlackRock is replicating this capital miracle. However, this time, we are no longer mere spectators; we are pawns that must choose sides as the giant turns.

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