Partner at Dragonfly, Haseeb Qureshi, noted on the social media platform X that there has been a strong showing in the trading volume of Ethereum spot ETFs recently. Despite an increase in demand for ETH in the market, there has been no evident upward trend in its spot price. He further elaborated that this phenomenon is likely fueled by actions taken by Grayscale. Qureshi stated that the primary operational direction of Grayscale in its ETHE product is selling, effectively offsetting much of the capital inflow generated by the ETF opening. As a result, ETH's price remains stable under this backdrop, failing to receive the expected boost.