Ethereum's performance is only slightly better than Bitcoin's, but that's about it. Recent buying activity mainly comes from Grayscale investors, but their purchasing power is actually quite limited. On the other hand, BlackRock is still continuing to sell. Ultimately, the enthusiasm of traditional large funds for the crypto market is clearly declining—just like with Bitcoin. Interestingly, although institutional selling pressure is not light, the market's sell volume is also not very high. This imbalance of supply and demand indicates that both sides are watching and waiting.