Supporting an independent market for $ETH. As mentioned before, Ethereum staking ETFs, including financing purchases of $ETH by 7 listed companies, many institutions have started buying large amounts of $ETH in order to position themselves before the staking ETF approval. Previously, the inflows for Bitcoin ETFs were pegged 1:1, with money remaining in the US stock market. However, since MicroStrategy, they have directly kept the money in the market by purchasing Bitcoin. This is also why Bitcoin didn't drop much in the first half of the year and remained independent.

Currently, at least 7 listed companies have started to hedge like MicroStrategy by directly buying ETH, and similarly, the money is staying in the market. As the leader among altcoins, when the price of ETH is driven up, it naturally plays a leading role, igniting the hot money in the market. Finally, BlackRock has also submitted an application for a staking ETF. Regardless of whether any institution is early or late, the SEC will need to approve them uniformly, with expectations set for October.

Therefore, if Ethereum can break through 4100 before the interest rate cut in late September, the ceiling for Ethereum this round will continue to rise!