Spot Ethereum ETFs in the United States experienced their most significant daily inflows since early February, marking a shift in investor sentiment following a lengthy phase of bearish movements.
On April 22, according to data compiled by SoSoValue, the nine Ethereum ETFs listed in the U.S. collectively recorded net inflows totaling $38.74 million, ending a ten-day continuous pattern of negative or stagnant flows. This spike represents the largest daily inflow since February 4, when a remarkable $307.77 million was invested in Ethereum funds.
Prior to this resurgence, Ethereum ETFs endured a challenging eight-week period, with cumulative outflows approaching $910 million. Fidelity’s Ethereum ETF, known as FETH, led the inflow surge, collecting approximately $32.65 million of the total amount. Bitwise’s ETHW ETF also saw substantial investor interest, securing inflows of about $6.09 million. Other Ethereum ETF products saw minimal movement and recorded no notable gains during the same period. Since their inception, these Ethereum ETFs have collectively attracted around $2.26 billion in investment.
The uptick in ETF investment arrives alongside a broader market recovery in Ethereum’s price. On Tuesday, ETH increased by over 10%, climbing back above the $1,700 threshold for the first time since April 6. The price rally appears largely powered by renewed market optimism, following indications by U.S. Treasury Secretary Scott Bessent that the ongoing trade tensions with China could soon ease.
Additionally, investor sentiment has likely been influenced by recent political developments involving former President Donald Trump’s criticism of Federal Reserve Chair Jerome Powell and proposals to replace Powell. Such political uncertainty, coupled with the recent confirmation of Paul Atkins as Chairman of the U.S. Securities and Exchange Commission, appears to be boosting demand for cryptocurrencies as an alternative hedge against the U.S. dollar.
By Wednesday, Ethereum briefly tested the $1,800 mark, marking a gain of approximately 14.2% over two days. Bitcoin simultaneously breached a crucial resistance level at $90,000, rising as high as $93,385 and bringing the entire cryptocurrency market valuation back above $3 trillion.
Notably, this movement depicts a growing decoupling of Bitcoin from traditional assets. Bitcoin’s performance this month—up 13.6%—has significantly outperformed gold’s 6.7% rise. In contrast, the S&P 500 and U.S. dollar index have both declined by roughly 5%.
Market analysts have started expressing optimism about Ethereum’s prospects. An analyst going by Ash Crypto recently compared Ethereum’s current technical setup to Bitcoin’s market patterns observed in late 2024, stating that ETH is primed for a significant upward breakout.
However, industry observers also caution that Ethereum needs to surpass and sustain the crucial psychological level of $2,000 to confirm a sustained reversal of its broader bearish trend. Without breaking through this barrier, analysts warn, the recent price action could simply represent a temporary bounce rather than the start of a new bull trend.
