Ethereum spot ETFs have recorded net inflows for 12 consecutive trading days since August 12, totaling over $1.5 billion. BlackRock’s ETHA spot ETF alone purchased $1.02 billion of Ethereum in nine days without any net selling days, according to Arkham. Despite this demand, aggressive market-order selling on Binance pushed the taker buy/sell ratio to 0.81, indicating sell volume exceeded buy volume by 23%. However, ETH traded near $2,500, with analysts noting that the $2,260–$2,350 cost basis of the largest wallets is being defended. A short-term consolidation range between $2,383 and $2,530 has formed, and a breakout above $2,530 is needed to signal the next upward move.
Every trading day for Ethereum [ETH] spot ETFs has resulted in net inflows since August 12. Twelve trading days of inflows amounting to over $1.5 billion helped explain the rapid price gains of the leading altcoin.
Analytics platform Arkham observed that BlackRock’s clients have purchased over $1 billion without any days of net selling. In nine days, BlackRock’s ETHA spot ETF purchased $1.02 billion of Ethereum.
The Ethereum taker buy/sell ratio fell to 0.81 on Binance, one of the most extreme readings in history. Crypto analyst Moreno noted that aggressive market-order sell volume was roughly 23% higher than the taker buy volume.
Despite high sell pressure on the derivatives front, ETH was trading just below the $2,500 round-number level. It would be a strong bullish sign if the ratio normalizes and the price remains around $2,500.
Looking at the realized price of various ETH balance cohorts, the analyst highlighted the $2,260–$2,350 cluster as the cost basis of the largest wallets. The market price is above the aggregate cost basis of even these largest holders, meaning every displayed cohort held unrealized profits.
A price collapse below key cost basis levels would imply seller dominance. As long as the $2,300 area is defended, bulls can remain confident that selling pressure was being absorbed.
Ethereum has formed a range between $2,383 and $2,530. A consolidation phase after a period of explosive gains, especially around the $2,466 swing high from June, raised worries of a distribution phase.
Options data showed that market participants were betting on an Ethereum price rally in September. A breakout past the $2,530 local range high would be the first sign for bulls to keep an eye on.
