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What really determines the crypto market is the will of institutions and listed companies.
Last week, BlackRock had a net inflow of 1.76 billion USD into ETH. Both Sbet and Bmnr will continue to issue stocks to buy ETH. Once they sell off the 5 billion, they will definitely continue to issue more to buy ETH. Retail investors have very little influence; whether they go short or long does not affect their buying spree, because buying ETH hasn't really cost them their own money. So why not continue buying?