Ethereum ETFs see inflows after 10-day drought as ETH reclaims $1,800

Ethereum ETFs are once again in good stead, with $38.74 million flowing in on April 22. Due to this, Ethereum has halted a 10-day period of money exiting as ETH regained the $1,800 price point.

This reversal in fund flows is concurrent to Ethereum’s 5% rally in the last 24 hours. It also pressured short positions in the derivative market.

According to the latest data, the cumulative total net inflow for Ethereum ETFs now stands at $2.26 billion, with total net assets reaching $5.66 billion.

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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