The ETF data that most people overlook reveals the secret bets of traditional capital on ETH!

According to ChainCatcher citing SoSoValue data: last week (from July 28 to August 1), Ethereum spot ETFs saw a net inflow of $154 million, but upon closer inspection: among nine ETFs, only BlackRock's ETHA continued to buy, while others experienced outflows!

BlackRock's ETHA has amassed $394 million in a single week, with a total of $9.74 billion, showcasing impressive strength!

Grayscale's ETHE continues to withdraw, with a net outflow of $53.8 million in a single week, totaling $4.34 billion.

Fidelity's FETH shows a net inflow of $72.05 million, but in reality, it is merely asset reallocation, not new funds.

Looking at the overall market situation, the total net asset value of ETH spot ETFs has reached $20.11 billion, accounting for about 4.7% of Ethereum's total market capitalization, and this ratio continues to rise.

My view is: ETFs themselves are neither an absolute positive nor negative but a signal of fund transfer! This is not just a simple ETF subscription and redemption but also a restructuring of power within traditional finance!

BlackRock's weekly purchase of $394 million reflects a firm recognition of ETH's value; Grayscale's withdrawal indicates that established arbitrage institutions are gradually exiting. The capital landscape in the crypto space is experiencing a shift from 'cash-out' funds to 'long-term holding' giants!

This indicates:

1. The formalization process of ETH assets is accelerating;

2. The rotation of funds among giants does not release negative signals but rather indicates that liquidity adjustments are on the verge of a buildup;

3. The more ETF holdings there are, the less capacity there is to crash the market, as traditional funds are more patient and subject to regulatory restrictions, locking positions.

4. The flow of funds and on-chain data together build a solid 'double bottom' support for ETH's rebound.


On-chain data indicates:


Galaxy purchased $300 million worth of ETH off-exchange; although there is a floating loss, the target is for mid to long-term allocation;

Smart money still holds $87.5 million in ETH on Aave after reducing positions;

BitMine continues to stake, with 5% of Ethereum's circulating supply locked.

The DeFi locked positions have rebounded to $100 billion, and stablecoin trading is active.

Currently, ETFs, as the 'largest incremental' funds outside the market, are no longer on the sidelines but are actively intervening!


Summary: The 'gear shift period' before the storm, the breakout point for ETH has already emerged!

At this stage, ETH is like the final phase of a chip reorganization; as long as it successfully breaks through the resistance level of $3651, pushing towards $3800 will be a natural progression; below, strong support is formed by institutions, ETFs, and staking lock-ups, with $3354 becoming a solid bottom line. The bullish pattern, increased ETF holdings, and steadily growing on-chain data mean the next wave of ETH market activity is only a matter of market sentiment resonance!

Last statement: BlackRock's bold purchase of $394 million at this time is due to faith? Insider knowledge? Or bottom fishing? Regardless of the answer, I choose to follow the movement of funds rather than emotional fluctuations.

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