Based on recent sell-off data, although Ethereum is also under pressure, the outflow of funds is indeed better than Bitcoin. The key difference lies in the scale — Bitcoin's absolute sell-off volume is larger, mainly due to its higher market capitalization. Interestingly, Ethereum's actual sell-off size is only one-tenth of Bitcoin's, so the selling pressure is relatively less intense.

By closely observing institutional movements, it becomes clear that BlackRock and Grayscale are the main drivers of Ethereum sell-offs. Especially with BlackRock's investors operating on both Bitcoin and Ethereum, it clearly reflects the strategic flow of institutional funds between crypto assets — this targeted reduction indicates differing attitudes of institutions towards the current market.