Analysis that ETF capital flow is dominating the price trend of Ethereum

According to BIT analysis, Ethereum's recent price performance is increasingly dominated by the flow of ETF funds. In the past year, the 30-day average of ETHTF's average daily net inflow was highly synchronized with the trend of Ethereum prices, and the sensitivity of Ethereum prices to institutional funds increased significantly. One of Ethereum's core narratives is a net pledge yield of approximately 2.5%. However, as inflation accelerates again and the yield on U.S. 10-year Treasury bonds rises above 4.6%, Ethereum's pledge yield advantage is weakening compared to risk-free assets such as U.S. Treasury bonds. Since May, the Ethereum ETF has experienced another outflow of funds, which is consistent with the above logic. If this trend continues, there is a high probability that Ethereum will still be in the shock consolidation stage.