The US Spot Ethereum ETF has seen the biggest daily influx since early February, showing a potential shift after weeks of bearish sentiment.
According to SoSovalue data, nine US listed Ethereum ETFs resulted in a net inflow of $38.74 million on April 22, breaking a 10-day zero or negative flow. That’s their best daily intake since February 4th, when they saw a huge pour of $377.77 million.
This comes after eight consecutive weeks of spills totaling nearly $910 million.
Most of the fresh capitals entered the Fidelity festival, with $32.65 million off. Bitwise’s ETHW also had $6.09 million.
Other funds didn’t move much and didn’t record the inflow that day. Overall, since its launch, these Ethereum ETFs have raised a total of around $2.26 billion.
The surge in ETF inflows has come true as Ethereum itself began to recover. On Tuesday, ETH surged over 10%, climbing above the $1,700 mark for the first time since April 6th.
The rally appears to be driven by a new optimism following comments from US Treasury Secretary Scott Bescent, who hinted that tensions with China over tariffs could soon cool down.
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Also, some investors are beginning to hedge against the US dollar as Trump continues to criticize Fed Chairman Jerome Powell and pushes him to replace him. That uncertainty, combined with Paul Atkins’ confirmation as an SEC chair, appears to be a boost to the cryptography.
By Wednesday, Ethereum (ETH) had temporarily touched on $1,800, an increase of around 14.2% in just two days. Meanwhile, Bitcoin (BTC) broke the $90,000 resistance and rallyed at $93,385, helping the entire Crypto market surpass its $3 trillion valuation.
Bitcoin, which was running in sync with stocks earlier this month, appears to be currently being separated from traditional risky assets. Currently, BTC has risen 13.6% in April, with 6.7% in gold. Conversely, both the S&P 500 and the US Dollar Index have fallen by about 5% that month.
Based on these terms, analysts believe that Ethereum is currently preparing for more profits. On April 23, market analyst Ash Crypto posted to X, stating that ETH is “ready to explode,” pointing to similarities with Bitcoin setup since late 2024.
Still, some analysts warn that it’s not all clear empty yet. According to analysts at crypto.news, ETH should exceed $2,000 and form a high height to see a complete trend reversal. Without it, this bounce could be just another short-term gathering with a wider decline.
read more: What does XRP need to replace Bitcoin with digital gold?
