Data on spot ETF fund flows for #BTC and #ETH . According to CoinAnk, in the past week, the total net inflow to the Bitcoin ETF market reached $920 million. However, the total net outflow from the Ethereum ETF market reached $38.2 million.

We believe that the cryptocurrency ETF market showed significant structural differentiation last week. The Bitcoin spot ETF overall maintained a net inflow of funds, but there were significant differences among institutions: BlackRock's IBIT attracted $1.03 billion in a single week, continuing its leading position in the industry, while Grayscale's GBTC faced a net outflow of $171.5 million, which may be related to the 1.5% high management fee leading to a migration of funds towards lower-cost products. It is noteworthy that although Fidelity's FBTC has seen multiple weekly outflows in historical data, it still achieved a net inflow of $62.4 million this time, reflecting a dynamic adjustment in institutional investors' trust in leading issuers.

In contrast, the overall net outflow from the Ethereum spot ETF was $38.2 million, indicating a cautious short-term attitude towards ETH assets in the market. BlackRock's ETHA and Fidelity's FETH saw outflows of $4.2 million and $37.2 million respectively, possibly due to regulatory uncertainty regarding the approval of Ethereum ETFs, while Grayscale's mini ETH product saw an opposite inflow of $3.2 million, suggesting that some funds are seeking discounted arbitrage opportunities. This differentiation indicates that investors are more inclined to anchor their cryptocurrency allocations to Bitcoin's 'digital gold' narrative, while their risk appetite for smart contract platform tokens remains relatively conservative.

A deeper observation reveals that the fund flows of Bitcoin ETFs are highly correlated with market cycles. For instance, when macro risk aversion sentiment rises, BlackRock's IBIT has repeatedly become the only product maintaining net inflows, highlighting its core position as a channel for institutional allocation. The continued weakness of Ethereum ETFs may reflect long-term concerns in the market regarding the liquidity and regulatory classification of POS mechanism assets, necessitating attention to the catalytic effect of SEC policy trends on fund sentiment.