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$ETH had a net inflow of $53.1 million today, with the main increments coming from BlackRock ETHA ($42.5 million) and Fidelity FETH ($9.3 million). Bitwise also saw a slight inflow, while Grayscale remained basically flat. I think the most valuable data to look at is not the single-day figures themselves, but the capital structure. Currently, ETH is still being bought by institutions, but the buying is increasingly concentrated in top-tier products, indicating that the market has begun to differentiate "who is more worthy of long-term allocation." So my understanding of $ETH remains the same: It is not just a tool for buying coins, but more like the gateway for institutional funds to enter $ETH. If this gateway continues to be strengthened, the institutionalization process of ETH can truly begin.