On Monday, the data for spot ETFs remained very strong, with both BTC and ETH performing very well. BTC's data will come later, so let's first look at ETH. In the past 24 hours, American investors have increased their holdings by over 34,000 #ETH, which is the largest single-day increase for American investors since Christmas.

Of course, the primary buying power still comes from BlackRock, which increased its holdings by 33,672 ETH. By the way, from the funding data, BlackRock's investment in ETH is over 50% of that in #BTC, and the largest buying power for $BTC in the last two days has come from Fidelity. However, Fidelity's buying power for $ETH has not been as strong, similar to Grayscale's Mini ETF, with only an increase of a little over 1,000.

Selling pressure remains on Grayscale's $ETHE, but it's only a little over 2,000 in sales, which hasn't made much of a splash. From the current data, the selling of ETHE should be nearing its end, and the amount available for market sell-off should not be much.

The large buying in ETFs on Monday can be seen as a sign of improving investor sentiment. After all, with the start of the 6th, American investors are gradually returning to normal life, and liquidity is beginning to rise. However, I am not overly optimistic about the price. Although the U.S. stock index futures opened up today, the increase is very small, and it is still uncertain how it will trend after the opening, especially in the absence of clear positive or negative data. Cryptocurrencies, especially BTC, may be more closely aligned with the movements of U.S. stocks.

The upside is that we have seen the U.S. dollar index fall below 108, which may gradually enhance investors' risk appetite as the dollar index declines.