Recently, the enthusiasm in the cryptocurrency market has surged, and Ethereum (ETH) is undoubtedly the absolute engine of this rally.

A key signal comes from its spot ETF: just last week (July 21-25), the Ethereum spot ETF recorded an astonishing net inflow of $1.85 billion. This is not a sporadic test of funds, but rather a large capital quietly and firmly establishing its position.

The giants leading this capital feast are particularly noteworthy: BlackRock: its ETHA product attracted $1.29 billion in a single week, with a historical total inflow reaching $9.35 billion, showcasing its leading position.

Fidelity: its FETH closely followed, with a net inflow of $383 million last week, continuously consolidating market share.

In stark contrast is the “veteran player” Grayscale’s ETHE, which faced a net outflow of $42.03 million last week.

The market is voting with real money — the flow of funds clearly distinguishes between “value providers” and “arbitrage exiters,” and investors' judgments on the advantages and disadvantages of fee structures and operational models are already self-evident. #ETH重返3800 #巨鲸动向