Key takeaways:
- The spot ETH ETFs recorded 10 consecutive days of net inflows, totaling $633 million.
- Weekly DApps revenue on the Ethereum network fell to $13 million, following a broader decline seen in Solana and BNB Chain.
Ether (ETH) struggled to trade above $2,400 on Thursday, but consistent inflows into Ethereum spot exchange-traded funds (ETFs) reflect the bulls’ attempt to regain momentum. Ether’s price rallied alongside Bitcoin’s (BTC) recovery to $79,000, prompting traders to question whether ETH will attempt a run to $3,000.
Spot ETH ETF daily net flows, USD. Source: SoSoValue
On Wednesday, the ETH spot ETFs completed 10 consecutive days of net inflows, totaling $633 million. This shows that traders are gradually reclaiming confidence after ETH abruptly fell by 42% between Jan. 28 and Feb. 6. The cryptocurrency market crash reduced interest in decentralized applications (DApps), which proved especially burdensome for ETH investors.
Weekly DApps revenue by chain, USD. Source: DefiLlama
DApp revenues on the Ethereum network dropped to $13 million per week in April, nearly 50% lower than six months prior. However, the decline in decentralized exchange (DEX) volumes has also plagued other major competitors to a similar extent, including Solana, BNB Chain and Hyperliquid. The aggregate weekly blockchain DApps revenue has fallen to $73 million, down from $130 million in October 2025.
Ethereum well-positioned to capture demand for DApps
Despite recent bullish momentum, ETH is down 22% year-to-date in 2026, while the broader cryptocurrency market capitalization is down 14%. Ether’s underperformance may 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 the ETF inflows, the demand for bullish leveraged ETH positions has plummeted to its lowest level in four months.
ETH two-month futures basis rate. Source: Laevitas
The annualized ETH monthly futures premium relative to regular spot markets (basis rate) dropped to 1% on Thursday, well below the 4% neutral threshold. Still, it is incorrect to assume that professional traders are bracing for downside solely due to a lack of confidence in derivatives markets. The uncertain macroeconomic environment might explain trader skepticism, especially after major tech companies’ quarterly earnings disappointed investors.
IBM (IBM US) shares dropped nearly 10% on Thursday due to investor concerns regarding increased competition from the artificial intelligence sector, according to Yahoo Finance. In parallel, Morgan Stanley trimmed its price target on Oracle (ORCL US) due to uncertainty in the margin profile and buildout costs of the company’s expanding investment in AI computing data centers.
Related: BlackRock drives 7-day Bitcoin ETF inflow streak as BTC nears $80,000
ETH vs. BNB, SOL, AVAX. Source: TradingView
Ether’s potential bullish momentum likely depends on reduced risk aversion toward cryptocurrencies, as its price chart relative to some competitors shows striking similarities. The recent spot Ether ETF inflows, while relevant, are not enough to justify a decoupling, especially as activity in the DApps sector has yet to show signs of improvement.
There is no indication that ETH is bound for $3,000, but the Ethereum network seems well-positioned to capture an eventual pickup in demand for decentralized computation.
