Tonight, ETH saw a nice increase. Although the exchange rate between ETH and BTC has been poor recently and ETH spot ETFs have been heavily sold off, the price of ETH has still been rising slowly, which has boosted the confidence of holders.
Indeed, yesterday was an extremely fragmented day for spot ETF data. On one hand, there was a significant sell-off of #ETH, while on the other, there was a large purchase of #BTC. However, compared to Tuesday's data, at least BlackRock's investors saw a net increase today, although it was only an addition of 5,453 ETH, which is still less than the sell-off on Monday and Tuesday, but it can be somewhat comforting. BlackRock's savvy users are buying, and we might also have an opportunity if we hold on for a bit.
But sell-offs have always been a significant issue for ETH. Yesterday, Fidelity sold another 10,000 ETH but bought 1,420 BTC. Additionally, Grayscale's $ETHE sold 6,663 ETH and bought 166 BTC, so American investors are still more optimistic about BTC.
But ETH holders don't need to worry too much. Although the sell-off has been quite heavy in the last three days, the actual total sell-off number is equivalent to 1.93% of the ETH supply, which is not a lot. Most holders are still looking forward to ETH's performance in the future.
Data has been updated, address: https://docs.google.com/spreadsheets/d/1W7JJ8lMQiUUlBb9U-BvFoq2H-2o5CpUuPO4D_KK3Ubw/edit?usp=sharing
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