On Friday, the spot ETF market once again showed a divergence. Before delving into the data, it must be mentioned that American holidays are indeed a real break; BlackRock's official website has been down since Christmas and has yet to be repaired. Recently, BlackRock's data can only be estimated based on capital volume.

Recently, the data performance of the ETH spot ETF has been quite impressive, while BTC's data has been relatively sluggish. This disparity may stem from the following two reasons:

First, BTC began to rise during the ETF anticipation stage and maintained a trend of oscillating upward from June 2023 until after the U.S. elections. Now, American media is filled with various Bitcoin-related news, and even the U.S. stock market has begun to increase its market value by holding BTC. This has led to a surge in FOMO (fear of missing out) sentiment. Therefore, when the price corrects, combined with the FUD (fear, uncertainty, doubt) in the market, and the impact of the holidays, it is very normal for some investors to choose to exit. In contrast, ETH's performance has been criticized by investors. As one of the two ETFs, ETH's price movement is vastly different from BTC, leading many investors to adjust their positions early.

Second, ETH performs exceptionally well in the decentralized application sector, with a substantial amount of infrastructure development. Particularly, BlackRock's RWA project is built on ETH. Therefore, it can be clearly seen that BlackRock's investors are one of the main buying forces for the ETH spot ETF. It cannot be ruled out that BlackRock's financial managers will recommend Ethereum to users.

In the twenty-third week, both BlackRock and Fidelity were buying large amounts of ETH. Even when investors sold BTC, they were buying ETH. Even Grayscale's ETHE showed a net inflow. The overall total increase in the U.S. compared to the twenty-second week increased by 14.5 times, and net purchasing power increased by 1.7 times. Currently, the nine spot ETFs in the U.S. hold a total of 3,627,936 ETH, of which Grayscale's two funds hold a total of 1,898,219, BlackRock holds 1,071,419, Fidelity holds 468,247, and other institutions hold relatively lower quantities.

From the start of trading for the ETH spot ETF to Friday, the U.S. ETFs have net inflows of 567,040 ETH. Almost all of the sell-off came from Grayscale, which sold a total of 1,346,797 ETH.