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What really determines the crypto market is the will of institutions and listed companies.
BlackRock had a net inflow of 1.76 billion USD into ETH last week. Both Sbet and BMNR will issue more stocks to continue buying ETH. Once they sell 5 billion, they will definitely continue to issue more to buy ETH. Retail investors have little to contribute; their shorting or going long does not affect their buying spree because they really haven't spent their own money on ETH. So why not continue buying?