Why hasn't Ethereum been able to rise? I believe there are mainly two reasons.

First, the continuous selling pressure from Grayscale has not dissipated, and other institutions have failed to effectively absorb it.

Bitcoin experienced a similar selling pressure from Grayscale when it was just approved for an ETF, but it quickly moved out of the adjustment phase and resumed its upward momentum.

In contrast, Ethereum has consistently failed to stop its decline. Many investors are waiting for Grayscale to finish selling its shares before Ethereum can rebound, but so far, this wait has not materialized.

The second reason is more profound: the fund managers of ETF issuers do not have enough incentive to promote the Ethereum ETF.

Grayscale holders are continuously selling, while other fund companies lack the purchasing power to fill the market gap. Bitcoin has powerful external momentum from big names like Elon Musk and Donald Trump, as well as endorsements from major players like MicroStrategy, and rumors that Microsoft will soon join; all of these provide strong external support for Bitcoin. In contrast, Ethereum lacks such super endorsements and strong financial backing.

For example, introducing Bitcoin ETFs to the American public is very easy because figures like Musk and Trump have already laid the groundwork for Bitcoin.

However, promoting Ethereum ETFs is much more complicated, requiring explanations of a bunch of technical terms that most people might not even understand, or they might even get lost.

It's like in our village; everyone has heard of Bitcoin, but very few people truly understand Ethereum. Most people are unlikely to invest in an asset they do not fully understand.

If you were the CEO of an ETF issuer, facing a massive influx of funds in the market, would you choose to continue promoting Bitcoin or spend time educating the market to promote Ethereum? This is also one of the reasons why Bitcoin's performance has outpaced Ethereum's.