Ethereum spot ETFs are online, and the first-day trading volume is only 23% of the first-day trading volume of Bitcoin spot ETFs. The main reasons are as follows:

1. Spot Bitcoin ETFs were approved first and received more attention

2. Before the US spot ETFs were approved, the Bitcoin market size was larger than Ethereum

3. The lack of pledge makes Ethereum ETFs less attractive

4. Bitcoin is more relevant as a financial asset, while Ethereum focuses more on dapps and on-chain applications

Recently, the frequent transfers of Mentougou have also reduced the investment confidence of some investors. The impact of Mentougou is only temporary, and the impact will become smaller and smaller in the future. The market can also handle hundreds of thousands of coins. If it continues to pull back, it will be a good time to deploy in batches!