Key takeaways:
- Spot ETH ETFs have recorded ten consecutive days of net inflows totaling $633 million.
- Weekly revenue for DApps on the Ethereum network dropped to $13 million following the broader decline seen on Solana and BNB Chain.
Ether (ETH) traded struggling to reach above $2,400 on Thursday, but consistent inflows into Ethereum spot funds (ETFs) reflect the bulls’ attempt to regain momentum. The price of Ether rose as Bitcoin (BTC) rebounded to $79,000, prompting traders to wonder if ETH would attempt a breakout to $3,000.
Daily spot ETH net flows in USD. Source: SoSoValue
On Wednesday, ETH spot ETFs completed 10 consecutive days of net inflows totaling $633 million. This shows that investors are gradually regaining confidence after ETH plummeted 42% between January 28 and February 6. The cryptocurrency market crash reduced interest in decentralized applications (DApps), which turned out to be particularly burdensome for ETH investors.
Weekly DApps revenue by network, USD. source: DefiLlama
DApp revenues on the Ethereum network dropped to $13 million per week in April, down almost 50% from six months earlier. However, the decline in decentralized exchange (DEX) volumes is also similarly plaguing other major competitors, including Solana, BNB Chain and Hyperliquid. Total weekly revenue from blockchain DApps dropped to $73 million compared to $130 million in October 2025.
Ethereum is well positioned to capture the 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%. Poor Ether performance 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 terms of DEX volumes.
Regardless of ETF inflows, demand for bullish leveraged ETH positions has fallen to a four-month low.
Base rate of 2-month ETH futures. Source: Lightness
The one-year monthly ETH futures premium over regular spot markets (base rate) fell to 1% on Thursday, well below the neutral 4% threshold. However, it is wrong to assume that professional investors are preparing for declines solely because of a lack of confidence in derivatives markets. The uncertain macroeconomic environment may explain investor skepticism, especially after quarterly earnings for major technology companies disappointed investors.
IBM Stock (IBM US). dropped According to Yahoo Finance, it was almost 10% on Thursday due to investor concerns about increased competition from the artificial intelligence sector. In parallel, Morgan Stanley cropped its price target on Oracle (ORCL US) due to uncertainty around the margin profile and expansion costs associated with the company’s increasing investments in AI computing data centers.
Related: BlackRock fuels 7-day Bitcoin ETF inflow streak as BTC approaches $80,000
ETH vs. BNB, SOL, AVAX. Source: TradingView
Ether’s potential growth momentum likely depends on reduced risk aversion towards cryptocurrencies as the price chart compared to some of its competitors shows striking similarities. The recent inflows of cash ETFs into Ether ETFs, while significant, are not enough to justify decoupling, especially as DApps activity has yet to show signs of recovery.
There is no indication that ETH will cost $3,000, but the Ethereum network appears to be well-positioned to capture a possible surge in demand for decentralized computing.
