BlackRock and Fidelity Funds Lead the Way 

BlackRock’s IBIT fund led Bitcoin ETF inflows with a net inflow of $164.64 million alone. Fidelity’s FBTC fund contributed $66.05 million. Meanwhile, Grayscale’s GBTC fund saw a net outflow of $10.21 million, and ARKB fund experienced a net outflow of $10.07 million. 

In total, the cumulative net inflow to spot Bitcoin ETFs has reached $49.86 billion. The total net asset value of the ETF market stands at $135.71 billion, representing 6.32% of Bitcoin’s market capitalization. 

Activity continues on the Ethereum side as well. The $62.1 million inflow demonstrates sustained confidence in Ethereum spot ETFs. BlackRock’s Ethereum ETF accounted for the majority of this inflow. 

Macroeconomic Factors and Rising Institutional Demand Support Growth 

US-based funds lead the appetite for crypto investments. Germany and Switzerland also stand out with strong inflows, while limited outflows occurred in Canada and Brazil.

Analysts interpret these inflows as a long-term accumulation process. Institutional investors continue their accumulation strategies during periods of price stability. Bitcoin currently trades around $108,300, and Ethereum is near $2,550. Both assets remain close to their all-time highs. 

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On June 10 alone, a net inflow of $125 million was recorded. The largest contribution came from BlackRock’s ETHA ETF with $80.59 million. These purchases clearly indicate steady demand on the Ethereum ETF front. Although ETF investments currently have limited impact on Ether’s price, on-chain data suggests potential price pressure as most of these investments involve direct spot purchases. Additionally, there has been no net outflow during this entire period. 

Institutional Demand Tightens ETH Supply 

Alongside the ETF effect, Ethereum’s on-chain metrics point to a supply squeeze. The amount of Ether held in current exchange wallets dropped to 16.33 million ETH — the lowest level in history. Meanwhile, 28.3% of total ETH supply is staked. These data show that the majority of circulating supply is not readily sellable. 

Although Ethereum network fees remain low, on-chain revenues have declined due to rollup-focused upgrades. In the last 30 days, the network generated only $43.3 million in revenue. Thus, concerns about network sustainability persist. However, “blob” upgrades reducing rollup data costs have accelerated growth in the Layer 2 ecosystem. For example, DEX transactions on networks like Base and Arbitrum have reached a total volume of $70 billion. 

Ethereum Maintains Its Leadership 

Ethereum’s base layer holds a total locked value (TVL) of $66.6 billion, significantly outpacing rival networks. Ethereum commands 61% market dominance based on TVL, while its closest competitors hold only 14% combined. 

Pendle, Ethena, and Spark protocols have led TVL growth. During the same period, BNB Chain fell by 6% and Solana by 2%, indicating unsustainable deposits outside Ethereum. Between May 7 and 14, Ether’s price surged 48%. This rally, combined with increased demand, created an imbalance between current holders and potential buyers, raising the likelihood of breaking the $2,900 resistance soon. 

The momentum Ethereum has gained on the ETF side continues. Supported by on-chain data, institutional buying keeps long-term price growth expectations alive. As exchange supply decreases, the amount of ETH locked through staking and ETFs steadily rises. 

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The Ethereum network has recently faced pressure to scale. Buterin pointed out that rushed decisions could harm decentralization. According to him, a slow and steady roadmap is essential. This plan will protect censorship resistance while allowing time for Ethereum Virtual Machine (EVM) improvements. Meanwhile, Vitalik said: 

“At this point, it will be good to take a breather and have a period to verify that we are doing okay on decentralization,” 

The stateless node technology will also protect user privacy during scaling. This technology enables the network to operate faster and more securely. 

Buterin Clarifies Ethereum’s Scaling Plan

Buterin’s 10X scaling plan will increase Ethereum’s transaction capacity and reduce gas fees. This development is reigniting interest among institutional investors. 

Ethereum researcher Dankrad Feist warns that if the network does not scale 100X in the next five years, risks will increase. However, Buterin believes rapid scaling carries risks. According to him, ensuring the network’s resilience comes first. The plan aims to reduce network delays, improve performance, and protect privacy. Decentralization metrics will be closely monitored and updated as needed. 

On the corporate front, Buterin Clarifies Ethereum’s Scaling Plan is preparing a $2 billion investment in Ethereum through BTSC and various ETFs. This move boosts institutional confidence. 

ETH price aims to recover losses from the first quarter of 2025 and reach $3,000. 

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A Critical Opportunity for ETH!

Markus Thielen, the Head of Research at 10x Research, stated that this development could enable Ethereum’s decentralized finance (DeFi) services to expand, strengthening the network’s position as the backbone of the ecosystem.

On January 23, the SEC repealed the accounting rule known as SAB 121. This rule had required financial companies to record the crypto assets they held as liabilities on their balance sheets. The rule had faced significant backlash from the crypto industry since 2022.

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Thielen noted that while he is not typically an advocate for Ethereum (ETH), the current price chart presents a “convincingly low-risk, high-reward opportunity.”

Ethereum’s Technical Outlook

Currently, ETH/USDT is trading at $3,325. While it climbed to $3,707 on January 7, it failed to maintain its position above $3,500.

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According to Thielen, Ethereum (ETH) could break its existing triangle pattern, and setting a stop-loss near $3,186 could be a prudent approach.

A New Target for ETH: $7,000!

Crypto analyst Titan of Crypto argues that Ethereum (ETH) reaching $7,000 is inevitable. Another analyst, Crypto Caesar, commented, “ETH is about to explode.”

Additionally, Ethereum (ETH) whales have reportedly accumulated $1 billion worth of ETH, further reinforcing investors’ expectations that $5,000 could be tested soon.

Ethereum ETFs and the Trump Family Factor

Joseph Lubin, Ethereum’s co-founder and the CEO of Consensys, highlighted two key factors likely to drive ETH prices in the near future:

1. Ethereum ETFs: ETF issuers are waiting for regulatory approval for funds that allow ETH staking.
2. Trump Family and Ethereum: Lubin suggested that the Trump family is likely to establish an Ethereum-based business.

The SEC’s repeal of SAB 121 could lead to greater adoption of Ethereum by institutional investors. While technical analysis suggests setting a stop-loss at $3,186, most analysts believe that ETH holds significant potential for upward momentum in the coming months.

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In a November 17th post on X, Alden wrote:

“I’ve been kind of a polite long-term Ethereum bear, but the post-election new low in ETH/BTC is even more brutal than I expected.”

Alden noted that while Trump’s administration is expected to be “open to crypto securities,” she was still taken aback by Ether’s underperformance. On November 15, the ETH/BTC ratio hit a multi-year low of 0.033, its lowest level since March 2021, despite the positive outlook following Trump’s win.

After Trump’s victory, U.S. spot Ethereum ETFs saw an influx of $751.8 million. However, some analysts are concerned that Ethereum might be “dying a slow death” against Bitcoin. On the other hand, Consensys CEO Joe Lubin remains optimistic, stating that Ethereum is poised for long-term gains post-election.

Lubin emphasized that Ethereum is finally shaking off the regulatory pressures that have been placed on it for years. He added:

“Ethereum is much bigger and more mature than all other ecosystems, except Bitcoin.”

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Lubin also speculated that Trump’s policies could help push DeFi (Decentralized Finance) into the mainstream, moving it from a niche market to a much broader audience.

Trump Administration’s Crypto Policy Potential

Experts believe that Trump’s administration could bring policies that favor DeFi, giving Ethereum an opportunity to regain strength. Marcin Kaźmierczak suggested that Trump’s policies might help transition DeFi from a niche sector into the mainstream.

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Tuesday was the first day the nine separate ETFs from eight issuers started trading. Data from SosoValue shows that the Grayscale Ethereum Trust (ETHE) recorded $484.1 million in net outflows, the only one noting outflows among the funds.

Blackrock’s ETHA led the inflow pack with $266.55 million, followed by Bitwise ETHW’s $204 million, Fidelity FESH’s $71.31 million, and Grayscale’s Ethereum Mini Trust with $15.15 million in net inflows.

Yahoo Finance data gathered by Block Pro Research shows that the nine ETFs had an overall trading volume of $1.05 billion. SosoValue data indicates that these spot Ethereum ETFs already have under-control assets of over $10 billion.

On Tuesday, spot bitcoin ETFs in the United States had $77.97 million move out of the funds, effectively breaking a 12-day run of positive flows, SosoValue data indicated. With net outflows of $70.32 million, Bitwise’s BITB logged the most among the ETFs. After that came Ark’s $52.29 million and Grayscale GBTC’s $27.31 million in net outflows.

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Industry leaders and other participants told Reuters the SEC “could approve exchange traded funds tied to the spot price of ether as soon as July 4, as talks between asset managers and regulators enter the final stages,” the report published Wednesday said.

Acting SEC chair Gary Gensler said on Tuesday that the Ethereum ETF launching process was “going smoothly.” VanEck also registered a Form 8-A for its Ethereum ETF that same day, perhaps suggesting that the product would soon be trading on an exchange.

Launching by July 4 closely matches the forecasts of Senior ETF analyst Eric Balchunas of Bloomberg.

Last month, the SEC approved forms for eight Ethereum ETFs, 19b-4 forms. Companies trying to introduce the new financial products wait for their S-1s, or registration statements, to be effective before trading starts.

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QCP analysts wrote that there is a bearish outlook for Bitcoin due to payments to be made by Mt. Gox.

Mt. Gox, the largest cryptocurrency exchange of its time, which went bankrupt in 2014, will make a payment of approximately $9.6 billion to its customers. This is expected to create selling pressure on Bitcoin.

Analysts noted that there is a bullish outlook for Ethereum. According to the writings, spot Ethereum ETFs in the US could start trading earlier than expected this month.

QCP said that for the September options, the $3,000 put option can be sold with a $2,500 knock-in, while the $4,500 call option can be bought with a $6,200 knock-out.

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Following reports that the SEC might greenlight spot Ethereum ETFs, some memecoins have seen significant gains, with some increasing in value by up to 30%.

In the past 24 hours, Pepe has risen by 24.36%, LADYS by 21.54%, and Dogecoin (DOGE) by 4.05%.

According to CoinGecko data, Ethereum itself has appreciated by 2.6% during the same period and has gained 29.4% over the past week.

Whether the SEC will approve Ethereum ETFs remains uncertain. The commission is expected to make a decision on VanEck’s application by May 23.

The updates to the spot Ethereum ETF filings by issuers and exchanges have sparked optimism in the market.

For the latest updates and in-depth analysis, stay tuned to our financial news coverage.

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21Shares does not appear to have included a provision in Friday’s revised filing indicating that it will stake some of the fund’s assets via third-party providers. “From time to time, the Sponsor may stake a portion of the Trust’s assets through one or more trusted Staking Providers,” it stated.

A provision in the firm’s filing from February 7th said that 21Shares planned to record the earnings from staking Ethereum as income for the fund and that the company anticipated receiving ETH as a reward.

The most recent document, however, omits the pertinent portion while retaining other general remarks, such as losses from slicing penalties, money that is momentarily unavailable during bonding and unbonding, and possible effects on the price of ETH.

Despite the lack of formal comments, Bloomberg ETF analyst Erich Balchunas speculated in his Friday post on X that the change could be an attempt to improve the program in light of possible input from the SEC.

On the other hand, according to Balchunas, the modification can be a last-ditch attempt (“Hail Mary”) or a calculated maneuver to reduce the amount of data that the SEC has to reject the proposal.

Two companies, ARK Invest and 21Shares, applied to launch an ETF that would track spot Ethereum in September. Trading on the Cboe BZX Exchange, the fund seeks to offer direct exposure to Ether. This market will use the New York Variant of the CME CF Ether-Dollar Reference Rate.

Coinbase Custody Trust Company controls the Ether assets, 21Shares is the sponsor, and ARK Investment Management is the sub-advisor who markets the Shares. Delaware Trust Company is the trustee.

Spot Ethereum ETF proposals have been pending decision-making from the SEC for several weeks now. The commission has postponed the decision-making process for many proposals, including Invesco Galaxy’s spot Ethereum ETF and those from Grayscale, Franklin Templeton, VanEck, and BlackRock.

By May 23, the regulator will have to make a decision on VanEck’s spot Ethereum application. On May 24, Ark and 21Shares will have their applications reviewed.

Spot Bitcoin ETFs were greenlit for trading on U.S. exchanges in January by the SEC. Bloomberg ETF analyst Eric Balchunas fell from a 70% to a 25% possibility of a spot Ethereum ETF approval by late May, indicating a decline in optimism regarding the approval of such funds in recent months.

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