Odaily Planet Daily News Mechanism Capital co-founder Andrew Kang wrote on X that ETH's rebound before the ETF listing has peaked at nearly $3,600. Excluding delta-neutral fund flows, the actual net inflow of ETFs yesterday was negative, and there was a possibility of a rapid withdrawal of about $4-5 billion in preemptive funds and leveraged funds. The ETH/BTC price ratio may fall to 0.04 or lower. If it falls to this position, ETH will no longer be an attractive hedging tool.