Spot Ether ETF Inflows Reach Ten-Day High: Is a $3,000 Surge on the Horizon?

Overview

Inflows into spot Ether ETFs have exceeded $633 million over the past ten days, igniting speculation about whether Ether’s price could approach $3,000.

Key Points:

The recent uptick in ETH ETFs reflects a trend of ten consecutive days of net inflows, summing to $633 million.
Weekly revenue from DApps on the Ethereum network has slipped to $13 million, mirroring declines noted across platforms like Solana.

Ether faced difficulties maintaining a price above $2,400, despite some bullish signs as its price rallied alongside Bitcoin hitting $79,000. This leads market participants to ponder whether ETH can achieve a surge to $3,000.

Spot ETH ETF inflows, USD. Source: SoSoValue Spot ETH ETF daily net flows, USD. Source: SoSoValue

As of Wednesday, the ETH spot ETFs had concluded a 10-day streak of inflows totaling $633 million, signaling a return of trader confidence after a significant 42% drop seen earlier this year. The slump in the cryptocurrency market has greatly affected the interest in DApps, weighing heavily on ETH investors.

Weekly DApps revenue by chain, USD. Source: DefiLlama Weekly DApps revenue by chain, USD. Source: DefiLlama

DApp earnings have plummeted to $13 million weekly for April, significantly lower than the previous figures observed six months earlier. Notably, volumes on decentralized exchanges (DEX) have also declined sharply across various platforms.

Future Outlook for Ethereum

Though currently, ETH is down by 22% year-to-date in 2026, the market capitalization of cryptocurrencies has only decreased by 14%. The potential persistence of Ether’s underperformance may provide buying opportunities, especially as Ethereum retains a dominant position in total value locked (TVL) and its layer-2 solutions are capturing DEX volume.

Yet, the appetite for optimistic leveraged positions centered on ETH has dramatically dipped, hitting a four-month low.

ETH 2-month futures basis rate. Source: Laevitas ETH 2-month futures basis rate. Source: Laevitas

The annualized monthly futures premium relative to spot markets for ETH has decreased to 1%, a stark contrast to the 4% neutral threshold. This decline does not solely reflect a lack of confidence in derivative markets, but could also stem from the current uncertain macroeconomic landscape, particularly after disappointing earnings reports from major tech companies.

ETH vs. BNB, SOL, AVAX. Source: TradingView ETH vs. BNB, SOL, AVAX. Source: TradingView

The prospect of a bullish movement for Ether heavily relies on reduced risk aversion in the cryptocurrency markets, but the recent influx to Ether ETFs signifies cautious optimism even as activity within the DApps sector continues to show weakness. ETH remains a cryptocurrency to watch closely.