Wu said that Glassnode data shows that the relative influence of ETFs on the Ethereum market is equivalent to ±1% of spot trading volume, while Bitcoin ETFs are ±8%, and people's interest in Bitcoin ETFs is still an order of magnitude greater than that of Ethereum ETFs. Recent investor interaction with exchanges has continued to decline, and trading volume has shrunk across the board, indicating a weakening interest in investors and trading. This is also evident in the institutional space, with both Bitcoin and Ethereum ETFs experiencing net outflows.