Lately I’ve been watching the Ethereum spot ETF fund flows closely. For ten consecutive trading days, there have been net inflows—this is definitely a bit beyond what I expected. A few weeks ago, market enthusiasm for $ETH wasn’t that high; plenty of capital was still on the sidelines. But the real money flowing through the ETF channel doesn’t lie. I’m more inclined to interpret this as traditional institutions re-evaluating Ethereum’s role as a long-term asset, rather than simply chasing short-term price fluctuations. Ethereum’s underlying logic hasn’t changed: smart contracts and the foundational position of decentralized finance remain solid. What was missing before was mainly compliant access. Now that the ETF is continuously pulling in funds, it’s essentially opening the door for institutions. My view is that as long as this net inflow momentum isn’t suddenly interrupted, ETH is likely to see a catch-up rally, and the upside potential could exceed most people’s expectations. In terms of execution, I won’t rush to chase the price. Next, I’ll focus on whether daily net inflows can expand in volume, and how on-chain active addresses change. If both start to move in sync, I’ll consider adding ETH on the right side of the trade; until then, I’d rather wait for confirmation signals instead of placing orders based on emotion. The overall thesis hasn’t changed: bullish, but not aggressive.