Despite the solid on-chain data for Bitcoin this week, the funding flows for ETH spot ETFs are showing signs of fatigue. Notably, both BlackRock and Grayscale have recorded net inflows in their Bitcoin products, while Ethereum continues to face net redemptions. This clearly reflects that current traditional incremental funds are highly concentrated on Bitcoin, with a lingering lack of appetite for other altcoins.
However, the current selling pressure hasn’t significantly intensified, suggesting that market participants are still primarily in the hands of long-term holders, with short-term speculative positions being relatively low. Data shows that in week 98, the net outflow of ETH has narrowed to less than 2,000 coins, compared to a massive sell-off of 100,000 coins in week 97, indicating a substantial alleviation of panic. This phenomenon of "not being able to drop" is a direct reflection of holders' reluctance to sell. #ETH走势分析 $ETH
However, the current selling pressure hasn’t significantly intensified, suggesting that market participants are still primarily in the hands of long-term holders, with short-term speculative positions being relatively low. Data shows that in week 98, the net outflow of ETH has narrowed to less than 2,000 coins, compared to a massive sell-off of 100,000 coins in week 97, indicating a substantial alleviation of panic. This phenomenon of "not being able to drop" is a direct reflection of holders' reluctance to sell. #ETH走势分析 $ETH