Style Transformation

1. The BTC ETF has seen net outflows for four consecutive days, particularly noteworthy is that BlackRock's main ETF—IBIT experienced an outflow of $180 million on December 24. This is also the first significant sell-off by BlackRock in over a year.

2. In contrast, the Ethereum ETF has seen overall net inflows over the past four days, especially as BlackRock's ETHA continues to steadily increase its holdings, indicating that institutions are already positioning themselves in anticipation of a potential style transformation next year.