#数字资产动态追踪 The cryptocurrency ETF market has been quite interesting over the past two days (January 2-3) — institutional funds are ramping up their deployment.

Data shows that BTC ETFs attracted $471 million, with ETH following closely behind at $175 million, but ETFs for coins like XRP and SOL are not as favored. Clearly, large funds are still piling into top-tier assets.

Specifically, among issuers, BlackRock's IBIT is leading the BTC space by a wide margin, and Grayscale's GBTC has reversed its previous net outflow, with a single-day inflow of $15.4 million. Several ETH ETFs are sharing the gains, with steady capital coming in from various providers.

The underlying logic is simply two words: stability. BTC has long been labeled as "digital gold," and institutions trust its compliance and liquidity. On the ETH side, ecosystem improvements are also beginning to be recognized by capital.

Conversely, ETFs for small- and mid-cap coins are a bit awkward — lacking liquidity and with uncertain regulation, big institutions are hesitant to move.

In the long term, such capital flows will provide continuous buying pressure for top-tier coins, accelerating the institutionalization of the market. But there are also problems — the strong get stronger, and liquidity for small- and mid-cap coins will be further compressed, facing greater challenges. Moving forward, attention should be paid to the capital movements of major players like Grayscale and the policy variables.