Ethereum has been building itself back up after a long period of weak price movements and wobbly ETF flows. Staking inflows have turned positive for the first time in six months, and institutions are making moves. Exchange balances have fallen at the fastest pace this cycle as staking inflows improve.
Over 745,000 ETH are now queued for staking, versus roughly 360,000 ETH waiting to exit. There is huge confidence in the long-term potential.
On-chain metrics point to a shift in supply-demand dynamics: the 90-day Spot Taker CVD shows sell pressure fading toward neutral territory, and ETF flows remain negative, but on-chain activity signals resilience. Smart contract deployments have hit record highs, and RWA value on Ethereum has climbed to nearly $19B, underscoring real usage backing the network. Institutions are increasing exposure, with ETHA and BlackRock’s spot ETF attracting buyers; holders are leaning long, with 486 long positions versus 1 short. There is ongoing growth in ETHA ownership through late 2025, even as sentiment remains fragile.
From a price perspective, Ethereum is stalled, trading just below the mid-Bollinger Band with no decisive breakout in sight. The price action has kept the $2,800-$2,900 zone as near-term support, and big moves will likely follow broader market cues. Ethereum’s supply is decreasing as 745K ETH queues for staking and exchange balances fall at cycle-fast rates. Analysts will watch ETF flows and staking dynamics for early signs of a re-acceleration.
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