The passage of the Genius Act, BlackRock's application for ETH staking ETF (ETHA), and Trump's signing of an executive order to include Crypto in the 401K plan have ushered in a short-term drawdown
Yesterday was the highest 😂 day of $ETH market sentiment in recent months
It also brought a little retracement, as low as about 3475, in fact, it fell by less than 5%
Spot is not a big problem (although everyone will be afraid of this sentence
But I think that if there is a retracement in the future, most of the people who will be killed may be currency stock players, which needs special attention ⚠️
ETH ETF inflows this week amounted to 672,000 ETH ($2.2 billion)
The Ethereum network added 11,572 ETH ($41 million) of ETH
In addition, there are already two institutions that have successfully changed banks
The first is Bitmine, led by Toom Lee, with a current position of $300.7K, worth $1.1 billion, with a 30-day increase of 84%
In second place is Sharplink Gaming, chaired by Joseph Lubin@ethereumJoseph, with a current position of 280.6K, worth $1 billion, a 30-day increase of 59%
Currently, the Ethereum Foundation ranks third, with a position of about $880 million
In seventh place is Bit Digital, which has the most growth, currently holding 100.6K$ETH, worth $367 million, with a 30-day increase of 264%
The eleventh place, and the common ETH reserve company BTCS Inc., holds 31.9K $ETH, worth $136 million, a 30-day increase of 135%
Several institutions that are increasing their holdings, including DeFi protocols, can pay attention
ETH ETFs have seen net inflows of over $2 billion in the past seven days. This kind of scramble has not been seen before.
There are two reasons why Wall Street institutions/new institutions are vying for ETH:
First, BTC is not cheap now, and becoming another micro-strategy is not very cost-effective. Of course, this is a secondary reason.
Second, and more importantly, institutions see a new paradigm that is different from Bitcoin. BTC is digital gold, and its leading position is unshakable. If you create another digital gold, it doesn't mean much. Ethereum is a new paradigm that can carry new finance, including stablecoins, asset tokenization, new payments in the future, and the expansion of US dollar hegemony, on this basis to generate on-chain transactions, including lending, trading, derivatives, etc.
Not only US dollars, US bonds, US stocks and other assets are on the chain, but physical gold, collectibles, real estate, etc. can also be put on the chain after the ecology matures in the future, and even BTC is also on the chain on Ethereum (currently more than $20 billion has been on the chain). Institutions need a new financial infrastructure that can carry tens of trillions/trillions of dollars. If you were an institution, how would you choose? Ethereum has naturally become a bet for institutions to bet on new finance for the future. This also understands why some institutions are now vying for ETH.
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