On Tuesday, Bitcoin spot ETF performance was quite good, which also improved Ethereum data. Although the overall net inflow was not particularly strong, interestingly, none of the major US institutions showed a net outflow, which is quite significant in the current environment.

To put it simply, traditional investors have limited enthusiasm for crypto assets, and to truly mobilize large funds, it depends on liquidity loosening. Once this window opens, the flow of funds is likely to follow this logic: Bitcoin is prioritized first, followed by Ethereum. This reflects the risk appetite of institutional investors—first betting on the top assets, then gradually exploring other opportunities.