Key Takeaways
- US-listed Ethereum ETFs experienced $70.62 million in net outflows on Friday, ending a consecutive five-day period of positive inflows
- Despite Friday’s reversal, ETH ETFs maintained $103.9 million in weekly net inflows, marking the third consecutive week of positive flows
- The ETH/BTC ratio fell to 0.028, marking its weakest performance relative to Bitcoin since August of last year
- On-chain analysis reveals ETH is currently trading beneath its aggregate cost basis of $2,304, a condition that has historically led to seller exhaustion
- Critical bottom-forming indicators such as MVRV ratios and exchange flow patterns have not yet hit extreme thresholds that would signal a confirmed price floor
Ethereum (ETH) concluded the trading week at the $1,837 price level following a $70.62 million net outflow from US-based spot Ethereum exchange-traded funds on Friday, July 25. This marked the end of a positive momentum period that saw $211.25 million flow into these investment vehicles between July 17 and July 24.
While Friday brought a reversal in daily flows, the broader weekly picture remained positive for Ethereum ETFs, which accumulated $103.9 million in net inflows across the entire week. This achievement marks the third straight week of positive institutional inflows. For July as a whole, ETH ETF products have attracted $337.74 million in total net inflows.
Bitcoin ETFs exhibited comparable behavior during this period. These products registered $240.08 million in net outflows on Friday, bringing their own seven-day positive streak to a close. BTC was hovering just below the $64,000 threshold, retreating from Tuesday’s weekly peak of $66,892.
Market analyst Ted (@TedPillows) shared his perspective via social media, observing that ETH continues to maintain its position above critical support levels. He highlighted that Ethereum is demonstrating relative strength when compared to Bitcoin and suggested the current upward momentum may still have room to continue.
ETH has experienced a significant decline from its previous all-time high of $4,946 established last year, reaching as low as $1,400 this past June before mounting a recovery. The asset is presently trading approximately 17% beneath its realized price—the average acquisition cost of all ETH tokens held on-chain—which currently stands at $2,304.
On-Chain Indicators Point to Potential ETH Bottom Formation
A research report published Thursday by CryptoQuant suggests that Ethereum is displaying preliminary indications of reaching a market bottom, though the full constellation of signals required to confirm a lasting recovery has not yet materialized.
The ETH/BTC price ratio has declined to 0.028, representing its weakest reading since August of the previous year. While this type of underperformance relative to Bitcoin has historically served as a precursor to broader altcoin market rallies, market observers emphasize that additional confirmation signals are necessary.
The ETH/BTC MVRV ratio has contracted from 0.95 last August to approximately 0.65 currently. According to CryptoQuant’s analysis, sustainable bottom formations typically occur when this metric falls below the 0.45 threshold, a level that was observed during the 2019-20 period and again in early 2025.
Critical Technical Price Levels for ETH
Ethereum is presently challenging its 20-day and 50-day Exponential Moving Averages (EMAs), positioned at $1,839 and $1,831 respectively. A decisive move below these technical markers could open the door to support zones near $1,806, followed by $1,741.
The past 24 hours witnessed $67.79 million in ETH liquidations, with long position liquidations accounting for $44.18 million of that total.
At least one key metric is already indicating potential bottom formation. The ETH/BTC relative spot trading volume has compressed from 1.75 in August to approximately 0.5, a threshold that has historically coincided with Ethereum price bottoms.
Institutional appetite through ETF products has also begun showing signs of recovery, with the ETH/BTC ETF holdings ratio climbing back to 0.13 in July after reaching a low of 0.115 in June.
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