QCP Capital's latest report pointed out that the first week of Ethereum spot ETF trading was similar to the first week of Bitcoin spot ETF, with ETH falling back from a high of 3563 to a low of 3086. The reasons for the similar trend between the two are as follows: 1. Grey release's high fee of 2.5% continues to drive capital outflows again. Eight Ethereum spot ETFs have seen net outflows of $178 million to date, and grey release has seen outflows of $1.16 billion in just 4 days; Despite grey release launching the most competitive 0.15% rate mini ETF (ETH), net outflows still dominate, with only 10% of the initial ETHE being converted to ETH. 3. The crypto market has given rise to the classic "buy the hype sell the news" phenomenon. Reasons hindering the post-launch rebound of ETFs include: 1. Unlike BTC's digital gold slogan, ETH may be a rather abstract concept for traditional industries and will take time to further absorb. 2. Investors have a lower incentive to buy Ethereum spot ETFs without a staking function. In the options market: Ironically, Bitcoin stole the limelight in the options market this week, not ETH, with all eyes on Trump's speech at the Bitcoin conference on Sunday. After experiencing the "Trump effect" over the weekend, the options market is expecting implied volatility of 85 on July 28, almost double the actual volatility.