Revived Optimism On ETH

ETH market sentiment is currently extremely bullish -- from ETH Spot ETFs maintaining their longest inflow streak of 2025 to short-tenor volatility smiles surging as high as 7%. In this report we summarise the market sentiment

Markets are Bullish on ETH

There are a number of signs that market participants are bullish on ETH. Firstly, ETH Spot ETFs are currently in their longest streak of consecutive inflows so far this year in 2025, second only to the run between November-December 2024. Since May 16, ETH ETFs have recorded net inflows summing to a total of $1.015B. Those flows have been consistently positive, even on days where BTC Spot products have recorded outflows. We highlighted this divergence first back here. The recent straight win streak for Ethereum ETFs came after spot price rallied more than 50% between May 8 and May 15.

Figure 1. ETH spot price (purple, left-hand side axis) and daily net inflows to the U.S. spot ETH ETFs (red bars, right-hand side axis). Source: Farside Investors, Block Scholes