Ethereum (ETH) Price Holds $2,300 as Spot ETFs Attract $248M in Recent Inflows

Key Highlights

Table of Contents

Futures open interest for ETH surged 26%, reaching $25.4 billion
Spot Ethereum ETFs in the US attracted $248 million in net inflows during the last 10 trading days
Bitmine Immersion purchased $312 million in ETH, expanding holdings to 4.87 million ETH
Perpetual futures funding rates fell below 0% repeatedly, reflecting bearish sentiment
DApp revenue on Ethereum fell to $11 million weekly from February’s $24 million

Ethereum continues to hold above the $2,320 mark after recovering from its March 29 bottom at $1,940. The cryptocurrency has been trading sideways around $2,350, encountering near-term resistance near $2,380.

Open interest in ETH futures contracts jumped 26%, climbing to $25.4 billion as market participants increased their leveraged exposure. This uptick follows ten consecutive weeks where ETH failed to sustain a breakout above the $2,400 threshold.

Despite growing open interest, perpetual futures funding rates for ETH have slipped into negative territory on multiple occasions. This indicates a higher proportion of traders are opening short positions rather than long ones. Typically, healthy market conditions show funding rates ranging from 5% to 10%.

Institutional appetite for Ethereum remains evident as US-based spot Ether ETFs accumulated $248 million in net inflows across the previous 10 trading sessions. Data from Wu Blockchain shows that on April 15 alone, these ETFs recorded $67.85 million in single-day inflows.

On April 15 (ET), U.S. spot Bitcoin ETFs recorded total net inflows of $186 million, with BlackRock’s IBIT posting the largest single-day net inflow at $292 million. Spot Ethereum ETFs saw total net inflows of $67.85 million. SOL spot ETFs recorded total net inflows of $5.36… pic.twitter.com/J1uUzjiHAj
— Wu Blockchain (@WuBlockchain) April 16, 2026

Bitmine Immersion (BMNR) disclosed a major purchase of $312 million worth of ETH, bringing their total position to 4.87 million ETH valued at roughly $11.46 billion. The company’s holdings currently sit 13% underwater relative to their average acquisition price.

Total assets under management for US Ether ETF products now stand at $13.7 billion, representing a decline from the $20.5 billion recorded three months earlier.

DApp Revenue Faces Decline

Ethereum’s weekly revenue generated from decentralized applications has contracted to $11 million, a significant drop from the $24 million recorded in early February. User engagement has weakened across multiple sectors including memecoins, lending protocols, decentralized exchanges, and NFT marketplaces.

Emerging blockchain platforms such as Hyperliquid and Plasma are capturing market share, prompting investors to question Ethereum’s ability to maintain dominance in future decentralized application growth.

On-Chain Data Presents Contrasting Trends

Some network fundamentals paint an encouraging picture. Ethereum’s 14-day moving average for total transactions has reached an all-time high, maintaining an upward trajectory since March. Active wallet addresses are also recovering after touching their lowest levels since January.

Staking activity continues to accelerate. Since the beginning of April, the total amount of ETH locked in staking contracts increased by 550,000 ETH, pushing the total to 39.28 million ETH. For the year, staking deposits have grown by 3.29 million ETH.

Meanwhile, total value locked across Ethereum’s DeFi ecosystem has remained stagnant at approximately $55.6 billion, suggesting minimal fresh capital deployment into decentralized finance protocols.

One Level Will Decide #ETHEREUM Next Big Move: Watch This Closely$ETH dropped hard from $4,800 all the way to $1,765, wiping out almost everyone on the way down. That bottom looks done for now.
Since then, price has been slowly climbing inside a rising channel. Recently we saw… pic.twitter.com/zz3C4ecxVf
— Crypto Patel (@CryptoPatel) April 16, 2026

Market analyst Crypto Patel highlighted on X that ETH is positioned just beneath an unfilled price gap spanning $2,474 to $2,634, suggesting this zone represents the next probable upside target. He identified the $2,900–$3,050 range as a critical resistance area, noting that a daily candle close above $3,056 would confirm a complete trend reversal. The analyst placed $1,765 as the crucial support level to monitor on the downside.

Technically, a tightening triangle formation is visible on the price chart with overhead resistance positioned at $2,380. A decisive move above $2,400 could pave the way toward the $2,500–$2,550 price zone.

As of April 16, 2026, cumulative ETH staking inflows for the year have reached 3.29 million ETH.