eth etfs took in $18.4m yesterday, a single day of inflow after a quiet stretch. the five day total sits at $84.4m, which is fine but not the kind of number that makes you sit up. cumulative net inflow since launch is $11.0b against total aum of $9.6b, so the gap between money that came in and current market value tells you price has been working against holders. daily value traded was $0.4b, pretty thin.
for the trend to flip meaningfully bearish we would need to see a week of consecutive outflows exceeding $100m, which hasn't happened yet. right now it's just low conviction drifting.
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Originally published on FalsifyLab Substack.