This week, the cryptocurrency market experienced a historic influx of funds. According to AiCoin data, the net inflow of the U.S. stock ETH spot ETF surged strongly, exceeding $1 billion in a single day, overshadowing the long-dominant Bitcoin (BTC) spot ETF.
Looking back at the capital flow data from August 11 to 14, the performance of the ETH spot ETF can be described as a 'crowning moment.' In four days, the daily net inflow for the ETH spot ETF reached a staggering $728 million, compared to $140 million for the BTC spot ETF during the same period, making the former more than five times the latter.
Triple Drive: The Core Logic Behind ETH's Rise
The rise of the ETH spot ETF is not coincidental. The driving forces behind it are multi-dimensional:
Institutional Strategy Shift: Similar to the Bitcoin treasury strategy of MicroStrategy, more institutions are beginning to include ETH in their balance sheets. The rise of this 'Ethereum Treasury' strategy marks a shift in institutional investment from single assets to diversified portfolios. The vast DeFi (Decentralized Finance), NFT (Non-Fungible Token), and Web3 ecosystems of Ethereum provide broader growth narratives than Bitcoin.
Technical Breakthrough: This week, the ETH price broke through $4,300, reaching a new high since December 2021. This critical technical breakthrough has attracted significant attention from technical traders, further fueling market optimism and drawing in more capital.
Favorable Policies: The progress of stablecoin legislation in the U.S. Senate and the Trump administration's friendly stance towards the cryptocurrency industry have created a more relaxed macro environment for Ethereum as a smart contract platform, boosting institutional confidence.
New Market Landscape: The Era of BTC and ETH as Dual Giants
In contrast to ETH's strength, BTC's performance appears relatively mild. Although the price has also surpassed $124,000, its increase (15%) is far less than ETH's 93% (since July). ETH is transforming from a follower to an independent leader driven by institutional funds. In the future, BTC and ETH are likely to form the core cryptocurrency asset portfolio for institutional investors, with roles as 'digital gold' and 'digital oil,' respectively.
Of course, the excitement around ETH is not without risks. Technical indicators show that its Relative Strength Index (RSI) has entered a severely overbought zone, indicating a high risk of short-term corrections.
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