Spot Ethereum ETFs in the U.S. just saw their biggest daily inflows since early February, signaling a potential turnaround after weeks of bearish sentiment.
According to SoSoValue data, the nine U.S.-listed Ethereum ETFs brought in $38.74 million in net inflows on April 22, breaking a 10-day streak of zero or negative flows. That’s their highest daily intake since Feb. 4, when they saw a huge $307.77 million pour in.
This comes after eight straight weeks of outflows that totaled nearly $910 million.
Most of the fresh capital went into Fidelity’s FETH, which pulled in $32.65 million. Bitwise’s ETHW also got a decent $6.09 million.
The other funds didn’t move much, recording no inflows for the day. Overall, since launch, these Ethereum ETFs have attracted a total of around $2.26 billion.
The surge in ETF inflows came right as Ethereum itself started recovering. On Tuesday, ETH spiked over 10%, climbing past the $1,700 mark for the first time since April 6.
The rally seems to be driven by renewed optimism following comments from U.S. Treasury Secretary Scott Bessent, who hinted that tensions with China over tariffs could cool down soon.
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Some investors are also starting to hedge against the U.S. dollar, as Trump continues to criticize Fed chair Jerome Powell and pushes to replace him. That uncertainty, paired with Paul Atkins’ confirmation as SEC chair, seems to be giving crypto a boost.
By Wednesday, Ethereum (ETH) had briefly touched $1,800, up around 14.2% in just two days. Meanwhile, Bitcoin (BTC) broke through the $90,000 resistance, rallying all the way to $93,385 and helping push the overall crypto market back above a $3 trillion valuation.
Bitcoin, which had been moving in sync with stocks earlier this month, now seems to be decoupling from traditional risk assets. As of now, BTC is up 13.6% in April, beating gold’s 6.7% rise. On the flip side, both the S&P 500 and the U.S. dollar index are down about 5% for the month.
Based on these conditions, analysts now think Ethereum could be gearing up for more gains. On April 23, market analyst Ash Crypto posted on X, saying ETH looks “ready to explode,” pointing out similarities with Bitcoin’s setup from late 2024.
Still, some analysts warn it’s not all clear skies yet. According to analysts at crypto.news, ETH needs to break above the $2,000 mark and form a higher high to confirm a full trend reversal. Without that, this bounce could just be another short-term rally in a broader downtrend.
Read more: What will it take for XRP to replace Bitcoin as digital Gold?
