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Spot ethereum ETFs hit new record with more than $3 billion in cumulative inflows

The milestone comes as the Ethereum Foundation unveiled its updated treasury policy yesterday.

6/5/25 2:34PM

Institutional appetite for ethereum exposure grows to new peaks.

Ethereum spot ETFs have climbed to an all-time high in cumulative net inflows at nearly $3.3 billion after 13 consecutive positive days, data from SoSoValue shows.

Ethereum’s price has jumped roughly 45% in the past 30 days to trade hands around the $2,550 level, leading gains among the top 10 cryptocurrencies by market capitalization in the period. Despite its recent price action, the token has declined over 30% year to date and is still far from its lifetime high of roughly $4,878 set in November 2021.

The new record in cumulative inflows “is a meaningful milestone for ETH, which has been largely overlooked this year,” according to Jason Atkins, chief commercial officer of crypto trading firm Auros.

Atkins said investor interest in ethereum took a backseat, dragging the token’s price, as a result of a number of factors — namely economic uncertainty, perceived innovation lull, and growing attention to newer narratives.

“But that apathy may have created a setup: with ETH being ‘underowned’ by many investor types, leaving the asset primed for a squeeze higher,” Atkins told Sherwood News, citing the Pectra upgrade and the emergence of ETH treasury strategies as catalysts.

The recent inflows of spot ethereum ETFs are aiding investors who entered positions above the $3,000 mark to rebalance their portfolios, Shiven Moodley, an analyst at blockchain data firm CryptoQuant, told Sherwood. “We can expect continued interest as institutional adoption of DeFi products and ethereum-based infrastructure increases, thereby reinforcing the medium- to long-term value of the ecosystem,” Moodley said.

The Ethereum Foundation’s latest treasury policy lowers uncertainty

The all-time high in inflows comes as the Ethereum Foundation, a nonprofit supporting the network, shared its updated treasury policy stating its plans to decrease its operating expenses, provide predictability about its ethereum sales, and seek on-chain yields in the decentralized finance space.

DeFi is a subsector of crypto that aims to provide users with peer-to-peer financial services like borrowing, lending, and trading sans traditional intermediary banks.

Noah Roy, an investment analyst at crypto investment firm Ryze Labs, said the Ethereum Foundation’s new treasury policy is an underappreciated positive development since it establishes clear spending limits and a structured approach to ETH sales. “It removes a major overhang that has historically created uncertainty around supply dynamics,” Roy added.

Bullish sign: the line to stake substantially exceeds exit queue

The ETF inflows also come amid increased demand for native ethereum staking. The staking queue to secure the ethereum network has reached about 353,000 ethereum tokens worth over $907 million, making the entry queue wait time stand at six days.

In comparison, the number of tokens waiting to exit sits at 3,520 ethereum tokens, or $9 million, which take about 90 minutes to complete, data from blockchain explorer Beaconcha.in shows.

“We see this as fundamentally healthy for the ecosystem’s long-term growth, as it signals ethereum has moved past the speculative staking rush into a more mature, sustainable participation model that should attract institutional validators,” Roy said.

Jinsol Bok, an analyst at blockchain research firm Four Pillars, connected the record-high spot ethereum ETF inflows and increase in staking demand to the statement from the SEC’s Division of Corporation Finance last Thursday.

In essence, the statement said that staking does not involve the offer and sale of securities as defined under the Securities Act of 1933. (Staking refers to crypto users locking up their cryptocurrency to help validate transactions on a blockchain network in exchange for yield.)

“Some of the regulatory overhang around ETH seems to be clearing up. And with the rapid growth of stablecoins and RWAs, maybe institutions are starting to pay more attention to ETH again,” Bok said.

Sage D. Young6/16/26

Hyperliquid reclaims all-time high

HYPE, the native token powering perpetuals exchange Hyperliquid and its underlying blockchain, rebounded to reclaim its all-time high previously set at the start of the month.

Treasury firms Hyperliquid Strategies and Hyperion DeFi have also rallied as the token increased double digits in the last 24 hours to trade as high as $76.70, rising past its record price set nearly two weeks ago, according to CoinGecko. In the interim between all-time highs, HYPE pulled back to around $53.

The token has several tailwinds, the first coming from ETF flows. Since their inception in May, HYPE ETFs have yet to record negative weekly outflows, posting a cumulative total net inflow of $171.8 million, per SoSoValue.

The second comes from Hyperliquid spending basically everything it earns in fees to buy HYPE, a mechanism embedded into the protocol’s codebase.

The venue’s buyback funding mechanism is set to add a new source of yield. Validators of the network activated “AQAv2,” which means stablecoin deployers will share about 90% of reserve yield revenue on their supply within the protocol.

Around $6.1 billion of Circle’s USDC resides in Hyperliquid, per DefiLlama. Accrual begins on August 26 and the first payment is made on October 3, the network announced in its Discord channel last week.

A substantial amount of capital is riding on different positions of HYPE. In total, a move down to under $53 would result in the liquidation nearly 1.8 million HYPE worth of leveraged long positions on the on-chain perps venue, or $131.7 million, data from CoinGlass shows. For the upside, a climb above $100 results in the liquidation of more than 3 million worth of leveraged HYPE short positions, or $221.5 million.

HYPE’s rebound to all-time high comes after Michael Selig, chair of the Commodity Futures Trading Commission, defended his agency’s decision to approve regulated perpetuals, or futures contracts without expiration dates, CNBC reported on Monday.

Last month, the CFTC approved bitcoin perpetual futures trading in the US through regulated prediction markets firm Kalshi and an affiliate of centralized exchange Coinbase.

“Perps are highly likely to become lightly regulated and thus approved in the US,” said David Pakman, head of venture investments at CoinFund.

“We expect to see perps for many different types of assets, from commodities to equities,” Pakman told Sherwood News.

Yaël Bizouati-Kennedy

6/16/26

Bitcoin is “caught between flow deterioration and macro relief”

Sage D. Young6/15/26

Crypto market snaps back as sentiment lifts, with altcoins from ethereum to XRP soaring

The market capitalization of the crypto industry has jumped around $83.2 billion in the last 24 hours, with privacy-focused token Zcash and worldcoin, the native cryptocurrency of the network backed by OpenAI CEO Sam Altman, leading market gains, jumping over 22%.

But the last 24 hours have been good across the board:

Ethereum has increased more than 9% to trade above $1,800, amid BitMine Immersion Technologies acquiring $139.2 million worth of ethereum.
XRP and solana have rebounded from multiyear lows, each rising roughly 10%.
HYPE has bounced up 12%.
Dog-based memecoins dogecoin and shiba inu have chased gains of more than 4%.

“Investors have been eager to see some positive signs around the Iranian conflict ending, coupled with hopeful outlooks around the CLARITY act, both breathing some life into assets,” Kairos Research cofounder Ian Unsworth told Sherwood News.

Simon Shockey, a crypto strategist at crypto wallet infrastructure firm Privy, said the upswing stems from several things converging. He pointed to how alt markets broadly were “very oversold” following the bug found in Zcash that shook confidence.

Friday, Zcash founder Zooko Wilcox said Anthropic didn’t find any more serious bugs with the Zcash protocol after Shielded Labs requested the AI firm run a security audit of the network with Mythos.

Shockey added that the pool of willing sellers has dwindled. “Even if structurally, AI is a much more compelling and asymmetric bet in the eyes of allocators, many of these crypto assets have simply run out of marginal sellers despite some shorter-term narrative-driven pumps. The only people left to sell at this point are the teams themselves and VCs.”

“Net-net: oversold conditions plus exhausted seller bases plus a macro backdrop that’s stabilized equals a snapback, especially in names that have real usage or community conviction behind them,” Shockey told Sherwood.

Yaël Bizouati-Kennedy

6/15/26

Bitcoin hits highest level in 2 weeks following news of Iran deal

Bitcoin crossed $66,500 Monday morning as the broad crypto market welcomed the return of a risk-on mood.