ETH ETF inflows rise, but Futures data warns traders aren’t buying the rally!

• The inflow of ETH ETF reached $ 1 billion in June but the Futures market lacked beliefs
• ETH could offer great opportunities to buy if the historical signal of SOPR repeats

Ethereum’s [ETH] Q2 rally after doubled from $ 1400 to $ 2800 in April and May.

Strong recovery in the first Q2 was increased by an aggressive demand by an institution because the US Spot ETH ETF has risen to $ 564 million in May.

In June tide He increased and exceeded $ 1 billion with only three days of trading remaining in the month. Unfortunately, speculative interest remained suppressed when ETH fluctuated between $ 2.8,000 and $ 2.3,000.

Eth speculative drops of appetite

During the rise of Q2, open interest (OI) opened from $ 17 billion to $ 41 billion, shifting ETH from $ 1.4,000 to $ 2.8,000.

This emphasized 2.4x demand in the derivative market.

Since mid -June, however, the demand has disappeared when OI decreased by $ 10 billion from $ 41 billion to $ 31 billion. As expected, the price of ETH followed a suit and dropped from $ 2.8,000 to $ 2.1,000 before it briefly recovered $ 2.4,000 at the time of printing.

This contraction resisted the massive tide observed in ETH ETF. In fact, only this week, ETF products attracted $ 232 million.

The options market painted a similar warning story, especially in the middle of the period.

Time for caution?

According to 25 delta bevels indicatorThe 1-week (orange) and 1-month (azure) tenors jumped to 6% and 15% earlier in the week, underline strong demand for short-term calls (bull bets). This indicated 18% relief reflections from $ 2.1,000 to $ 2.5,000.

However, the chamfers dropped to 1% and 3% for 1 week and 1 month-meaning that the recent purchasing euphoria could be cleaned.

On the contrary, the 3 -month tenor has changed negative and slipped almost to -2%, indicating the bonus for Puts (Bearish sentiment) in the fourth quarter.

Simply put, Futures traders were cautious in the middle of the horizon regarding the prospects of ETH, despite the short -term bull view.

Yet mixed values ​​were not the fact that ETH was in the purchase zone. At least on the basis of SOPR (assessment ratio to the output profit).

This indicator monitors the profitability of the holders, while the potential sales pressure indicates previous local peaks and DNA. The findings of SOPR are above all above 1.0, especially above 1.06, in 2024 and 2025 they marked high unrealized profits and local peaks.

Reading under 1 DNA marked and attractive purchase zones. At the time of the press, SOPR was on a neutral level 1 and another DIP could offer a great agreement if the history repeats itself.