Key points to remember:
- Spot ETH ETFs saw ten straight days of net inflows, totaling $633 million.
- Weekly revenue from DApps on the Ethereum network fell to $13 million, following a broader decline seen at Solana and BNB Chain.
Ether (ETH) struggled to trade above $2,400 on Thursday, but steady inflows into Ethereum spot exchange-traded funds (ETFs) reflect the bulls’ attempt to regain momentum. The price of Ether rose alongside Bitcoin’s (BTC) rally to $79,000, prompting traders to wonder if ETH would attempt to climb to $3,000.
Spot ETH ETF daily net flows, in USD. Source: SoSoValue
On Wednesday, ETH spot ETFs recorded 10 straight days of net inflows, totaling $633 million. This shows that traders are gradually regaining confidence after ETH fell by 42% between January 28 and February 6. The cryptocurrency market crash has reduced interest in decentralized applications (DApps), which have proven particularly burdensome for ETH investors.
Weekly DApp revenue by channel, in USD. Source: DéfiLlama
DApp revenue on the Ethereum network fell to $13 million per week in April, almost 50% lower than six months ago. However, declining decentralized exchange (DEX) volumes have also hit other major competitors to a similar extent, including Solana, BNB Chain, and Hyperliquid. Total weekly revenue from blockchain DApps fell to $73 million from $130 million in October 2025.
Ethereum well placed to capture demand for DApps
Despite recent bullish momentum, ETH is down 22% since the start of 2026, while the broader cryptocurrency market cap is down 14%. The underperformance of Ether can be interpreted as a buying opportunity, especially as the Ethereum network remains the leader in total value locked (TVL) and its layer 2 solutions have gained significant market share in DEX volumes.
Regardless of ETF inflows, demand for bullish positions in leveraged ETH has fallen to a four-month low.
2-month ETH futures base rate. Source: Lightness
The annualized monthly premium of ETH futures over regular spot markets (base rate) fell to 1% on Thursday, well below the neutral threshold of 4%. However, it is inaccurate to assume that professional traders are bracing for a decline solely because of a lack of confidence in derivatives markets. The uncertain macroeconomic environment could explain traders’ skepticism, especially after quarterly results from big tech companies disappointed investors.
IBM Stock (IBM United States) abandoned nearly 10% on Thursday due to investor concerns about increased competition from the artificial intelligence sector, according to Yahoo Finance. At the same time, Morgan Stanley pared its price target on Oracle (ORCL US) due to uncertainty over the margin profile and development costs of the company’s growing investment in AI computing data centers.
Related: BlackRock Generates 7-Day Bitcoin ETF Inflow Streak As BTC Nears $80,000
ETH against BNB, SOL, AVAX. Source: Trading View
Ether’s potential bullish momentum likely depends on reduced risk aversion towards cryptocurrencies, as its price chart compared to some competitors shows striking similarities. Recent Ether spot ETF inflows, while relevant, are not enough to warrant decoupling, especially since activity in the DApps sector has yet to show signs of improvement.
There is no indication that ETH will cost $3,000, but the Ethereum network appears well-positioned to capture a possible increase in demand for decentralized computing.
