Recently, I've been closely watching the ETF data for Ethereum, and it's indeed quite interesting. On December 19, around 76 million USD was withdrawn again, marking the seventh consecutive trading day of net outflows. What's interesting is that this round of activity is primarily driven by BlackRock's ETHA, while other ETF products have been relatively quiet.

Looking at the price here, Ethereum has been consistently held below $3000, attempting to break through several times without success. The institutions' stance is also very clear – there is really no urgent reason to increase their positions. Rather than saying they are bearish, it is more accurate to say they are reducing risks and waiting for a clearer market direction before taking action.

Compared to Bitcoin, there have been outflows in ETFs as well, but the structure is much more stable. The current Ethereum is not really being shorted, but rather no one is in a hurry. The market hasn't picked up, and the funds haven't come in either; essentially, everyone is just passing time. The real change will have to wait for the price to come out and speak for itself.