BlackRock fixes ETHA with a 1-for-3 reverse stock split starting October 6 — and the spot $ETH ETF, after the earlier glitch, has already returned +68$ million in Thursday trading. Pumping and flows are diverging. Figures. SEC 8-K / iShares: ETHA 1-for-3, record date October 5, trading with the split from October 6; Balchunas — spread from ~7 to ~2 bps. Farside: 2 on 48,2$ million, 3 Sep +68$ million. $ETH ~2 520$ (day ~+5%). For comparison: Bitwise BSOL at the end of August first crossed 1$ billion in AUM (~10 months since Oct’25); the SOL ETF category then was ~1,49$ billion. $SOL ~104. My take: the split isn’t a signal that “$ETH was written off,” but liquidity mechanics after the price drop. When after −48$ million, the next day they put +68$ million back, while $SOL products live in the billions in AUM — institutions are laying tracks for the next cycle, not writing obituaries for altcoins. Risk is only noise creation around October 6, not a reversal of the demand. Question: for $ETH, is a smooth ETHA split on October 6 more important, or will the alt-ETF demand be sustained after today’s NFP?