According to a recent report from QCP Capital, the performance of the Ethereum spot ETF in its first week of trading was similar to that of the Bitcoin spot ETF in its first week. ETH fell from a high of 3563 to a low of 3086. The reasons for the similar trends are as follows:

1. Grayscale's high fee of 2.5% continues to drive capital outflows. So far, 8 Ethereum spot ETFs have seen a net outflow of $178 million, while Grayscale has seen a net outflow of $1.16 billion in just 4 days;

2. Despite Grayscale's launch of the most competitive 0.15% fee mini ETF (ETH), net outflows still dominate, with only 10% of initial ETHE converted to ETH;

3. The cryptocurrency market is experiencing the classic "buy the hype, sell the news" phenomenon.

Reasons hindering the rebound of ETFs after their launch include:

1. Unlike BTC's "digital gold" slogan, ETH may be a rather abstract concept for traditional industries and will take time to absorb;

2. The motivation for investors to purchase Ethereum spot ETFs without collateral functionality is lower.

In terms of options markets:

Ironically, Bitcoin stole the show in the options market this week, not ETH, as everyone was focused on Trump's speech at the Bitcoin conference on Sunday. After experiencing the "Trump effect" last weekend, the options market expects implied volatility to reach 85 volatility on July 28, almost twice the actual volatility.