The key takeaways
- Spot ETH ETFs have seen net flows of $633m for 10 days in a row.
- The weekly revenue from DApps on the Ethereum Network has fallen to $13 Million, after a larger decline in Solana Chain and BNB Chain.
The bulls are trying to gain momentum. Although Ether (ETH), a cryptocurrency, struggled on Thursday to reach above $2400, the constant inflows of funds into Ethereum exchange-traded fund (ETF) spot reflect this. Ether (ETH)’s value rose alongside Bitcoin’s recovery from $79,000 to $80,000, leading traders to wonder if ETH would attempt a rally to $3,000.
Spot ETH daily net flows in USD Source: SoSoValue
The ETH ETFs have now had 10 days in a row of net flows totaling 633 million dollars. The traders have gradually regained confidence following the sudden 42% drop in ETH between January 28 and February 6. This shows that traders are gradually regaining confidence after ETH abruptly fell by 42% between Jan. 28 and Feb. 6.
Weekly DApps revenues by chain in USD. Source: DefiLlama
DApp revenue on the Ethereum Network dropped by nearly half in April to just $13 million per a week, compared with six months earlier. The decline in volumes of decentralized exchanges (DEXs) has affected other large competitors, such as Solana Chain, BNB Chain, and Hyperliquid, to the same extent. Weekly blockchain DApps revenues have fallen from $130m to $73m, a drop of 73%.
Ethereum is well-positioned to meet demand for DApps
Despite recent bullish movement, ETH in 2026 is down by 22% from the start of this year, while the broader market capitalization for cryptocurrency is down by 14%. Ether’s underperformance It is possible to interpret this as a good opportunity for investors, given that the Ethereum Network remains at the top of the total value-locked (TVL), and layer-2 solutions are gaining significant market share on DEX.
Regardless of ETF flows, demand for bullish leveraged ETH position has fallen to its lowest point in 4 months.
ETH futures two-month basis rate. Source: Laevitas
The monthly ETH Futures Premium relative to the regular Spot Markets (basis Rate) fell to 1% Thursday. That is far below the neutral threshold of 4%. It’s not accurate to say that traders have a negative outlook solely because of a lack confidence in the derivatives markets. It is possible that the uncertain macroeconomic climate could explain traders’ skepticism. This was especially true after investors were disappointed by major tech companies quarterly earnings.
IBM shares (IBM US) dropped Yahoo Finance reports that the stock market dropped by nearly 10% Thursday as a result of investor concern about increased competition in artificial intelligence. In parallel, Morgan Stanley trimmed Oracle has lowered its target price on Oracle US (ORCL) because of uncertainty about the profitability and the costs involved in building out the AI computing datacenters.
Related: BlackRock drives 7-day Bitcoin ETF inflow streak as BTC nears $80,000
ETH vs. BNB. SOL. AVAX. Source: TradingView
Ether’s bullish potential is likely to depend on reduced risk aversion The price chart of Bitcoin is strikingly similar to that of some other cryptocurrencies. While the recent inflows of spot Ether into ETFs are important, they do not justify a breakup, particularly as DApps activity hasn’t improved.
Ethereum’s network is well-positioned for a future increase in demand.
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Source: cointelegraph.com
