The net inflow of Ethereum ETFs in the US spot market exceeded $1 billion for the first time yesterday, setting a record since their establishment.

In detail, ETHA accounted for approximately $641 million, FETH approximately $277 million, and Grayscale's two funds combined for about $80 million, showing a typical characteristic of "allocation-based subscriptions";

If this high level is maintained for two consecutive days, price elasticity will significantly outperform historical levels during the same period.

Relevance and Aftereffects: This is corroborated by BlackRock's self-purchase and the on-chain activity hitting new highs, driving a shift from trading to allocation. Future attention should be paid to the discrepancies between redemptions and subscriptions, as well as the suppression of volatility.