The data for the ETH spot ETF has come out relatively quickly, while there are too many institutions tracking BTC statistics, so it is estimated to be tomorrow. Yesterday was the last working day of 2024, and the ETH data is passable, not too good, for sure. The outflow from Grayscale after the market on Monday is included in yesterday's data, and BlackRock has not continued to inflow for two consecutive days. Yesterday's data was all prepared nicely by Fidelity. If it weren't for Fidelity inflowing over 9,500 coins, it would have ended with a net outflow of 13,205,713,887 on the last day.

Additionally, from a funding perspective, although BTC also saw a net inflow, the net outflow from BlackRock for two consecutive working days was saved by Fidelity on the last day, allowing BTC and ETH to have a decent conclusion. Moreover, the amount of BTC and ETH bought by Fidelity's investors is almost the same.

So we can see that although ETH's price has been criticized by everyone, the recent buying sentiment has been good. ETH still lacks a catalyst for explosive growth. This opportunity, apart from the general increase in sentiment, either falls on RWA or on the staking of the ETH spot ETF.

Looking back at 2024, the ETH spot ETF has also had its ups and downs. After BTC was approved, the expectations for ETH were high, leading to an initial surge. However, over time, with the SEC's strict regulation on cryptocurrencies, more and more investors have become pessimistic about the approval of the ETH spot ETF, with the lowest expected approval rate being less than 20%. It was only a week before the final date that the trend started to reverse. After approval, it encountered a market downturn, causing ETH's price to lag behind.

From its debut on July 23 to today, it has been more than five months, during which ETH has seen a net outflow in ETFs for over four months. Grayscale's $ETHE has been the main seller, having sold nearly 1.2 million ETH by yesterday, accounting for 42% of the total. It wasn't until the end of November that ETH began to turn into a net inflow, with BlackRock being the largest buyer, net purchasing 1,068,384 ETH, followed by Fidelity, which also bought 470,750 ETH, and the rest are insignificant.

On the last day of 2024, the holdings of the US spot ETF increased by nearly 560,000 ETH, and during this period, three ETFs in Hong Kong also increased their holdings by 5,832 ETH. Overall, there are indeed more investors optimistic about ETH's future development, especially with the new government taking office, compliant cryptocurrencies will attract more capital.