Last Friday, the spot ETF data for ETH was still not very good, with overall net outflows. The main outflow was still from Grayscale's $ETHE, but the amount sold was not large, only over 6,000 coins. On the buying side, traditional large buyers like BlackRock and Fidelity had zero purchases, with no changes at all. In contrast, Bitwise and Invesco collectively increased their holdings by over 2,000 $ETH. Currently, investors' attitudes towards #ETH have changed, and buying is not very active anymore.

In comparison, the buying volume for #BTC remains decent, but even so, the selling volume for ETH is not considered high. Most investors are still holding and taking a wait-and-see approach, which is also the reason why ETH's price is more resilient compared to altcoins.

During the twenty-sixth week, Grayscale's selling has significantly decreased. Although it is still the main player, the selling has reached its end and is unlikely to impact market prices. However, the decline in buying power is indeed happening, with a nearly 40% decrease in buying power over the past week, and the increase in ETH held by U.S. investors also dropped by 33%.

Although investor sentiment remains stable, funds are not present in the market.

Currently, Grayscale's two funds hold a total of 1,843,785 ETH, ranking first, followed by BlackRock with 1,200,918 ETH in second place, and Fidelity in third with 435,000 ETH. There isn't much volume from others, so we can see that Grayscale is primarily offloading through ETFs, while only BlackRock and Fidelity's ETFs can bring the most direct buying volume to the market.

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

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