Appetite for Ethereum intensifies: cash flow in ETFs grows and analysts are looking at the $2,700 milestone

The flow of capital into Ethereum-based spot funds has accelerated dramatically: in just the last two days, their cumulative net inflows reached $60 million, with BlackRock's iShares Ethereum Trust (ticker ETHA) taking in $55 million. Another $5.23 million went to the Bitwise product, while other issuers were left without a new inflow of funds. Since its launch in April, ETHA has accumulated 1,721,058 coins and raised $5.4 billion, making it the undisputed leader in the segment.

According to on-chain analytics, the funds have accumulated 660 thousand ETH in the range of $2,200 - $2,800. Such concentration of supply within a narrow corridor creates a "spring" effect: as soon as the spot price goes beyond the upper limit, a significant part of the participants who have enrolled in the funds may start to readjust their strategies, creating additional demand on the derivatives market.

The current quote of $2,450 remains below the psychological $2,500 level, which a Rekt Capital trader calls a "launching pad" for a recovery. He notes that a daily close above this mark will allow Ethereum to quickly regain the positions lost at the beginning of the month. At the same time, the volatility of the last sessions remains moderate: the range of fluctuations for the day does not exceed 3%.

On a longer horizon, market activists compare the current chart structure with the layout of 2021, which preceded the rapid rally to $4,800. Crypto Patel analyst sees the behavior of 2025 as a "mirror image" of those events, but emphasizes that large institutional players have now joined the game, which means that the volume of liquidity and market depth are much higher. In such a scenario, the potential for movement is estimated up to $8,000.

In addition to the active inflow of funds, the market is supported by the macro backdrop: the continuation of moderate Fed rates, growing interest in risk assets and strengthening of the position of companies working with blockchain. Corporate reports from Coinbase and MicroStrategy published this week showed a recovery in fee income and an expansion of the client base in the institutional services sector, further boosting investor confidence in crypto-assets.

Among the factors that could accelerate Ethereum's exit from the "sideways", participants cite an improvement in the U.S. inflation outlook, as well as the launch of options strategies based on traded ETFs. According to CME Group estimates, open interest in options on Ether futures has grown by almost 40% since the beginning of June, indicating a rapid increase in demand for hedging and speculation tools.

For now, the key to the momentum remains in the hands of ETHA fund holders: their aggressive build-up of positions is creating a fundamental demand that is hard for classic traders to ignore.

In this context, many dealing divisions of banks are already testing models involving the use of Ethereum as a collateral asset when issuing tokenized bonds. The market expects the first pilot tranches in the second half of the year, which may finally strengthen the reputation of ether as a reliable collateral.