I just took a look at the ETF data from various major institutions and would like to share a brief overview, focusing on Ethereum, as it is what everyone is most concerned about. After all, we all know Ethereum is long and the source of all things:

Last week, the market performed sluggishly, and the spot price of $ETH was also impacted. BlackRock reduced its holdings by nearly 30,000 ETH in a single day last Friday, setting a historical record. Grayscale's two funds also collectively reduced their holdings by over 18,000 ETH, with the three institutions reducing a total of nearly 50,000 ETH.

Among U.S. institutions, only Fidelity and VanEck increased their holdings by over 5,000 ETH, while others saw almost no increase. Although BlackRock reduced nearly 30,000 ETH, its total holdings still amount to 1,047,490 ETH, with a reduction ratio of only 2.86%. Additionally, on other trading days last week, they increased their holdings by 33,923 ETH, which has limited overall impact.

As Christmas approaches, large-scale selling may decrease, but Grayscale’s ETHE still holds 1,421,790 ETH, and the selling pressure remains.

Now, regarding the results: overall, U.S. investor sentiment is low, with net purchasing power declining by 71.5% month-over-month, reaching a four-week low. Due to the impact of Federal Reserve policies, market confidence may not gradually recover until January of next year.