Ethereum ETFs See $175M In Two Days but ETH Price Remains Weak
Ethereum spot ETFs recorded $175.2 million in net inflows over 24–25 November 2025, led by BlackRock (notably $92.6m on 24 Nov) and Fidelity (FETH added $47.5m on 25 Nov). Other issuers showed mixed activity: BlackRock’s ETHA added $46.2m, Grayscale’s ETH added $8.3m while Grayscale’s ETHE saw $23.3m in outflows. Despite ETF demand, ETH traded near $2,913 and remained below the $3,000 level after a >30% monthly decline from earlier highs. Short-term technicals (RSI, MACD) show bearish pressure, though on-chain data indicates renewed whale accumulation following a ~9% rebound from a recent low of $2,623. Broader macro headwinds — U.S. government shutdown risks, shifting Fed rate-cut expectations and risk-off sentiment — are weighing on crypto prices. Separately, VanEck filed for a spot BNB ETF (VBNB) to list on Nasdaq; the fund won’t enable staking at launch. Key takeaways for traders: sizable ETF inflows demonstrate institutional interest and sustained demand, but price action remains vulnerable to macro risk and short-term bearish indicators; whale accumulation could support a near-term base, yet failure to reclaim $3,000 would keep bearish momentum intact.
Neutral
The news is neutral-to-cautiously constructive for Ethereum. Large, concentrated ETF inflows ($175m over two days) signal ongoing institutional demand and product adoption, which is bullish in the medium term because ETFs can create persistent buying pressure. However, ETH price remains below key technical thresholds (under $3,000) and short-term indicators (RSI, MACD) show bearish momentum. Macro factors—U.S. government shutdown risk and shifting Fed rate-cut expectations—are weighing on risk assets, muting the immediate price response to ETF inflows. On-chain whale accumulation is a constructive sign that long-term holders are buying dips, which can stabilize prices and form a base. Historical parallels: BTC and ETH both showed similar patterns when spot ETFs launched—initial ETF inflows supported long-term price discovery but did not prevent short-term volatility driven by macro events. For traders: expect potential choppy sessions with ETF flows providing intermittent support; a decisive reclaim of $3,000 would be a bullish trigger, while failure to hold recent lows could extend downside. Positioning should balance ETF-driven demand (longer-term) against macro/technical risk (short-term).