Odaily News 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 from a high of 3563 to a low of 3086. The reasons for the similar trends of the two are as follows: 1. Grayscale's high fee of 2.5% continues to drive capital outflows. So far, 8 Ethereum spot ETFs have had a net outflow of US$178 million, and Grayscale has outflowed US$1.16 billion in just 4 days; 2. Although Grayscale launched the most competitive 0.15% fee mini ETF (ETH), net outflows still dominate, with only 10% of the initial ETHE converted to ETH; 3. The crypto market has driven the classic "buy the hype sell the news" phenomenon. The reasons that hinder the rebound after the launch of the ETF include: 1. Unlike BTC's digital gold slogan, ETH may be a rather abstract concept for traditional industries and it takes time to further absorb; 2. Investors have a lower motivation to buy Ethereum spot ETFs without staking functions. Options Market: Ironically, Bitcoin has stolen the show in the options market this week, not ETH, as all eyes are on Trump’s speech at the Bitcoin Conference on Sunday. After experiencing the “Trump effect” last weekend, the options market expects the implied volatility on July 28 to reach 85 volatility, almost twice the actual volatility.