Yesterday, we were discussing that the data for the ETH spot ETF on Friday represented the highest net inflow in history. However, the data on Monday not only refreshed the single-day highest net inflow but also significantly exceeded it. Yesterday, the nine U.S. spot ETFs collectively had a net inflow of 70,600 ETH. Apart from Grayscale's $ETHE, which saw a reduction of 321 ETH, there were no other reductions.

In terms of inflows, although only four institutions increased their holdings, the smallest among them, VanEck, had a net inflow of 1,465 ETH, while BlackRock and Fidelity both exceeded 30,000 ETH in single-day net inflows. Bitwise also increased its holdings by 4,633 ETH. Notably, Fidelity's investor inflow exceeded BlackRock's by more than 10%. It seems that the two major institutions have started to convey information to users.

I estimate that some may ask why the buying power was so strong yesterday, yet today there was a sudden drop, and a significant one at that. Does this mean the bull market is over? In fact, from a trend perspective, there hasn't been a fundamental change. As we mentioned before, the three-day holiday may have calmed investors' FOMO emotions, especially for some quantitative institutions, as nearly $90,000 is not a low price.

That's why I mentioned last Sunday that if the U.S. market on Tuesday could maintain the upward momentum from Sunday, it would indicate the start of a bull market, as U.S. investors still exhibit a FOMO trend. Therefore, if today does not show that, it can only be said that users' FOMO emotions are beginning to wane, but it does not necessarily mean the end of the bull market. There are still many days ahead, and there are still plenty of positive factors. Giving it more time may not be a bad thing.

The data has been updated, address: https://docs.google.com/spreadsheets/d/1W7JJ8lMQiUUlBb9U-BvFoq2H-2o5CpUuPO4D_KK3Ubw/edit?usp=sharing

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