Ethereum ETFs Break 10-Day Dry Spell—Inflows Return as ETH Tops $1,800

After a brutal 10-day drought, Ethereum ETFs finally see cash flowing back in—just as ETH claws its way above $1,800. Traders shrug off the gloom (for now), and Wall Street pretends it saw this coming all along. Pro tip: Don’t hold your breath for their next ’genius’ prediction.

Ethereum ETF market data shows mixed performance

A closer inspection of the individual Ethereum ETF performance shows disparate outcomes among different issuers. From data provided by SoSoValue, BlackRock’s ETHA product on the NASDAQ increased by 0.31%, with total net inflows worth $4.05 billion and net assets of $2.00 billion on April 22. This places BlackRock’s product as the market-leading product in Ethereum ETFs to date.

Grayscale’s ETH product traded on the NYSE and its value increased by 0.17%. It has lost $4.27 billion in total, however, after it switched to a trust format. The fund still has $1.96 billion in net assets.

Fidelity’s FETH on CBOE increased 0.28% with great daily inflows of $32.65 million. Its total inflows stand at $1.39 billion and total net assets at $849.67 million.

Some of the other popular performers are Bitwise’s ETHW on the NYSE (0.29% increase, $6.09 million daily inflow, $314.52 million total inflow), VanEck’s ETHV on the CBOE (0.29% increase, $131.09 million total inflow), and Franklin’s EZET on the CBOE (0.26% increase, $36.50 million total inflow). All Ethereum ETF products exchanged a combined value of $496.30 million on April 22.

Ethereum short positions experience massive liquidations as price bounces back

The Ethereum price came back above $1,800, and this caused some short bettors to lose money. Data from Coinglass shows that short liquidations over the last 24 hours were $92.47 million. This was more than long liquidations of $34.33 million over the same time.

This difference in liquidation means that the majority of traders had expected Ethereum’s price to keep falling but were surprised by a sudden rise. The total liquidations were worth $126.80 million in 24 hours. During the last hour, $12.85 million worth of longs were liquidated.

These include $9.98 million in longs and $2.87 million in shorts. The statistics of the last 4 hours reveal $31.11 million in liquidations, of which $17.04 million are in longs and $14.07 million in shorts. In the last 12 hours, $52.87 million worth of liquidations occurred, in which shorts were $28.82 million and longs were $24.05 million.

Market capitalization metrics highlight Ethereum’s position

Ethereum’s bounce has pushed its market presence back into the spotlight, and the $5.66 billion of ETF net assets now accounts for 2.77% of the market capitalization of the cryptocurrency. The dynamic between ETF flows and price action is now more important for market participants to watch.

The 10-day dry spell for inflows prior to April 22 occurred with lower prices, whereas the return of positive fund flows has occurred with prices rising again above $1,800. This correlation indicates that the sentiments of large investors continue to influence the market performance of Ethereum.

Total cumulative net inflows of $2.26 billion across all Ethereum ETF products since their launch represent a substantial amount of capital entering the ecosystem through regulated investment vehicles. The $496.30 million total value traded on April 22 shows healthy liquidity across these ETF products.

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