The recent capital flow into US spot Ethereum ETFs is quite striking. According to Bloomingbit, approximately $105 million net flowed into spot Ethereum ETFs last week, significantly outpacing the $75.67 million inflow for Bitcoin ETFs. It appears that institutional interest is slowly shifting toward Ethereum, which had been somewhat overshadowed by Bitcoin until now.

On-chain metrics are also supporting this trend. According to Coinness, a new address was recently spotted withdrawing approximately $18.6 million worth of Ethereum from Binance and immediately moving the entire amount into staking. With large quantities being locked up for long-term holding, we can expect a positive effect from the reduction in circulating supply.

Of course, it's still too early to conclude that the market has fully turned into a bull run. Hedging strategies against market volatility are also being observed, such as some asset managers like Abraxas Capital significantly increasing their large-scale Ethereum short positions on Hyperliquid. We'll need to closely watch market trends this week to see if this ETF inflow can lead to a definitive price rally.

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