Spot ETH ETFs Log $633M Inflows Over 10 Days as ETH Hits $2,400

Spot Ethereum exchange-traded funds registered ten consecutive days of net inflows totaling $633 million, a streak that concluded on Wednesday. At the same time, Ether’s price repeatedly failed to hold trading above $2,400 on Thursday after rising with Bitcoin’s recovery toward roughly $79,000.

On-chain activity has weakened. Weekly decentralized application revenue on the Ethereum network fell to about $13 million in April, roughly half the level recorded six months earlier. Comparable declines in DApp revenue and decentralized exchange volumes have been recorded on other major smart-contract platforms, including Solana and BNB Chain. Aggregate weekly DApp revenue across major blockchains declined to about $73 million from roughly $130 million in October 2025.

Derivatives metrics point to reduced demand for leveraged long exposure. The annualized two-month futures basis rate for Ether dropped to about 1 percent, below the roughly 4 percent level often viewed as neutral. Demand for bullish leveraged Ether positions reached its lowest point in four months.

Macroeconomic and corporate developments have added to market caution. Shares of several large technology companies fell after quarterly results and outlooks prompted investor concern about competition in artificial intelligence and the costs of expanding AI infrastructure. IBM’s stock declined nearly 10 percent on Thursday. A major investment bank lowered its price target on a large cloud and database software company, citing uncertainty over margins and capital spending for AI data centers.

Market performance year to date shows Ether down about 22 percent in 2026, while the broader cryptocurrency market capitalization is down about 14 percent. Ethereum remains the leader in total value locked, and its layer-2 networks have increased their share of decentralized exchange trading volume.

Traders have discussed the possibility of Ether attempting another run toward $3,000. Current price action and the cited on-chain and derivatives indicators have not produced a sustained breakout above $2,400 during the latest trading sessions.