In the past seven days, net inflows into the Ethereum ETF exceeded $2 billion, triggering fierce competition among institutional investors. This phenomenon is underpinned by multiple factors and deep-seated logic.

First, the market generally expects Ethereum to gradually achieve true "commoditization". With the successful launch and stable operation of Ethereum spot ETFs, regulators' positioning of Ethereum is shifting from "securities" to "commodity assets", providing a compliant basis for institutional funds to enter the market. If Ethereum can be widely recognized as a "digital asset" similar to gold, its ETF products will have long-term investment value and are expected to attract ongoing capital inflows.

Secondly, compared to Bitcoin ETFs, Ethereum ETFs have unique structural advantages. Currently, the total size of Ethereum ETFs is much smaller than that of Bitcoin ETFs, which means its growth potential has not yet been fully recognized and priced by the market. Institutional investors are buying in at this time, which is essentially competing for the undervalued circulating shares.

More importantly, Ethereum represents not just "digital gold", but a core application platform within the blockchain ecosystem. For some traditional funds focused on technological innovation, investing in an Ethereum ETF is more like betting on Web3, artificial intelligence, decentralized physical infrastructure (DePIN), and the infrastructure of the future modular internet.

This diversified investment logic reflects institutional investors' confidence in the future development of blockchain technology and digital assets. With more institutions participating, the Ethereum ecosystem is expected to usher in a new wave of development and innovation. However, investors should also closely monitor changes in the regulatory environment and market risks to make rational investment decisions.