not good news from the ETFs on Ethereum

For Ethereum, something doesn’t add up: the news coming from the ETFs on ETH spot isn’t particularly good, despite the strong price recovery.

The fact is that the news coming from Bitcoin ETFs is positive, and this further complicates the analysis on the price of Ethereum. 

The trend of the price of ETH (Ethereum) between Pectra update and negative news from ETFs

Until April 21, the price of Ethereum was below $1,600.

Two days later it had climbed back above $1,800, but that rebound still seemed insignificant, given that 2025 had started at $3,300.

Something, however, changed starting from May 8th, when the real rebound began that brought it first above $2,000, and then also above $2,500.

However, the most significant data is the price of Ethereum in Bitcoin, given that at the beginning of the year ETH was at 0.035 BTC, dropped to 0.018 on April 21, and returned to 0.019 two days later.

Well, until May 7, the price of Ethereum in Bitcoin remained fixed between 0.018 and 0.019 BTC. From May 8, however, the true bull rebound began, bringing it back to over 0.025 BTC.

From these numbers, however, it clearly emerges that it is still just a rebound, and not a true bullrun. 

The performance of ETH ETFs

All this is confirmed by the disappointing performance of the ETF su ETH spot. 

While on one hand it is true that starting from April 22 there have been more days of inflows than outflows, it is also true that the days of outflows have still been five, and the sum of the last two weeks is almost zero. 

At the beginning of May, there were three consecutive positive stock market sessions, but they were immediately followed by three negative ones. Subsequently, there was a positive one last Friday, but it was followed by two negative ones on Monday and Tuesday. However, yesterday the session closed positively with a substantial inflow of 63 million dollars. 

For example, regarding those on Bitcoin, the negative days have been only three, with only one this week, and only one last week. 

So if from May 8 to today the total inflows on spot ETFs on ETH have been a total of 60 million dollars, on BTC they have even exceeded 1.6 billion dollars. The comparison is merciless. 

In other words, if the traditional markets have helped the recent rise in the price of Bitcoin, they have instead helped very little (or almost nothing) that of Ethereum. 

It therefore seems that it was not a true restart, but only a technical rebound after months of excessive suffering. 

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The altcoin

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This dynamic probably also concerns the other altcoin. 

In fact, the altseason index of CMC remained clearly in the Bitcoin season zone until May 6, but starting from the following day it only rose above 25 points, without even managing to reach 50.

It should be remembered that this index has values that range only from 0 to 100, with 50 being the central neutral value. The altseason kicks in above 75 points, while below 25 points the Bitcoin season kicks in. 

The fact that from May 7 to today it has not even managed to exceed 50 points speaks volumes about the fact that a true recovery of the altcoin market has not even come close. And Ethereum is no exception. 

Moreover, in the last five days, it has decreased, returning close to 25 points, and this confirms the fact that Bitcoin is still the strongest cryptocurrency in the bull and bear markets at this moment. 

The competition

Bitcoin has no competitor, but Ethereum does. 

Despite this, the price of ETH lately is doing much better than its main competitor, namely SOL of Solana. 

While SOL is at +13% in the last seven days, and at +30% in the last thirty, ETH is at +32% in the last seven, and at +55% in the last thirty. 

However, this difference is not explained by a true recovery of the Ethereum bull run, as seen before, but only as a rebound after a period of significant suffering. In fact, since the beginning of the year, SOL is only at -9%, while ETH is still at -23%.

In other words, the ETFs on ETH have not yet really started to make a difference, while those on BTC have been making it for almost a year and a half. Despite this, the strong decline in the price of Ethereum from February to April led it to register an excessively low bottom, thus generating a stronger rebound compared to that of competing altcoins.