ETH's trend today is gradually stabilizing. Interestingly, this stabilization process somewhat reflects the market's real-time response to policies. Looking back a few days, there was a noticeable spike in BTC trading volume on a certain compliant platform, as the entire market was paying attention to the progress of that cryptocurrency structural bill. However, as the bill was temporarily shelved, BTC trading activity returned to normal levels—this suggests that the volume spike was indeed policy-driven. But the real surprise comes from the data performance of ETF holdings. From the perspective of spot ETF holdings, investors' enthusiasm has not diminished, especially as holdings by large institutions continue to increase. Investors like BlackRock and Grayscale have actually intensified their buying after Wednesday, indicating that institutions remain quite optimistic about ETH. In contrast, Fidelity has not shown any obvious selling pressure.

In the broader context of the US stock market, today's volatility mainly revolves around expectations for the Federal Reserve chairperson. The market is somewhat concerned about Kevin Woor's previous hawkish stance; if he takes office and isn't sufficiently proactive about rate cuts, it could be awkward. But on the other hand, people can change—just like some people's views on cryptocurrency are evolving—so as long as we don't see another Powell-like figure, it should be fine.

Compared to BTC's stability, ETH spot ETF performance is indeed more lively. Institutional investors' buying enthusiasm is heating up, with holdings by BlackRock and Grayscale increasing, reflecting a market optimistic outlook on Ethereum's future performance. From a sentiment perspective, ETH's buying willingness has indeed risen.