Ethereum spot ETFs have experienced a continuous streak of net inflows every trading day since August 12, accumulating over $1.5 billion in capital. Analytics platform Arkham reported that BlackRock's ETHA spot ETF contributed over $1 billion of these purchases across nine days without recording any net selling days.
Despite this strong demand from exchange-traded funds, derivatives data indicates heavy selling pressure in the broader market. According to crypto analyst Moreno, the Ethereum taker buy/sell ratio on Binance dropped to 0.81, marking one of the most extreme readings in history and showing that aggressive market sell volume exceeded buy volume by roughly 23%.
On-chain metrics reveal that Ethereum continues to trade just below the $2,500 level while absorbing this selling pressure. Analysis of realized prices across various wallet cohorts points to a cluster between $2,26k and $2,35k representing the cost basis of the largest holders. Market prices remain above this aggregate cost basis, meaning holders across these cohorts maintain unrealized profits.
In the short term, Ethereum has formed a trading range between $2,383 and $2,530 following a period of rapid price gains. This consolidation phase near the June swing high of $2,466 has raised concerns about a potential distribution phase among market participants.
Options data indicates that traders are positioning for a potential price rally in September. Analysts note that a decisive breakout past the local range high of $2,530 would serve as an initial signal for bulls to resume upward momentum, while defense of the $2,300 area remains critical for absorbing ongoing selling pressure.
