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During Christmas Eve, ETH spot ETF performance was lackluster. Institutional investors like Grayscale and BlackRock experienced significant reductions, while other institutions showed little to no action. This reveals a phenomenon: traditional financial institutions' bullish sentiment is quite subdued. The funds exiting from Grayscale and BlackRock are likely flowing into the US stock market. In comparison, the attractiveness of cryptocurrencies in the eyes of traditional investors is indeed declining, with US stocks taking higher priority in allocations. In the short term, it is difficult for this situation to change significantly, and we need to wait for market sentiment to recover.