I estimate that as soon as today's data is released, some friends will ask why ETFs have such strong net purchasing power but prices are not rising at all. Yes, the ETH spot ETF data has exploded in the past 24 hours, with a net inflow of 122513 ETH, the largest single day inflow in history and the third six digit net inflow in history. The other two times started with 10, and this time it started with 12. Behind this data is BlackRock's purchase of 100535 ETH. I am currently answering why ETFs have risen but prices have not increased much. One possible reason is the role of AP, as the actual ETH sold to trading parties is handled by AP. I have written a tweet about AP before. Simply put, AP can use their held ETH (or BTC) for delivery, and they can also buy ETH from the OTC market. So both BTC and ETH may have a significant impact on spot prices despite seeing a large buying or selling volume. Looking back at this incident, there are almost three possibilities for BlackRock investors to make large purchases. One possibility is that retail investors are the main ones, with institutions as a supplement, because they feel that the price of ETH is relatively low and buy at the bottom. Another possibility is that institutions are the main ones, with retail investors as a supplement, buying for arbitrage. The last possibility is that the SEC is preparing to adjust the ETF's thinking yesterday, which may be through spot trading and staking, and the benefits of staking are inevitably ETH. So after this news appeared, it was obvious that not only BlackRock, but also investors from the top four funds, Grayscale, Fidelity, and Bitwise, were buying, and the buying volume was not small. Relatively speaking, I think the third possibility is the greatest. Because in terms of the amount of funds, the purchase of ETH this time is almost equivalent to the purchase of BTC. Data has been updated, address: https://docs. (google.com)/spreadsheets/d/1W7JJ8lMQiUUlBb9U-BvFoq2H-2o5CpUuPO4D_KK3Ubw/edit? usp=sharing This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex