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As of January 12, 2026, the market landscape for Bitcoin and Ethereum spot ETFs has taken shape. BlackRock's IBIT, Fidelity's FBTC, and Grayscale's GBTC and ETH Grayscale products each hold their own position. The entry of these mainstream asset management firms sends strong positive signals to the market. In terms of product coverage, whether it is Bitcoin or Ethereum, investors now have more diverse options. The participation of institutional investors continues to increase, and this gathering of liquidity and confidence is shaping a new round of market consensus.