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- Ethereum saw outflows from exchange-traded funds, with network activity sending conflicting signals.
Trading of Ethereum (ETH) hovered near the $1,800 level after another day of capital outflows from U.S. Ethereum spot-market ETFs. These funds recorded net outflows of $52 million on Thursday, suggesting a shift in market sentiment after earlier positive flows earlier in the week.
Leading alternative coin activity on the blockchain showed a mixed picture, according to a Thursday memo from CryptoQuant contributor CryptoOnchain. While the number of transactions from average users rose by about 40% over the past week, the average value of token transfers fell by 77%.
This divergence suggests that network activity is largely being driven by low-value transactions or automated bot activity, rather than large capital inflows from bigger investors.
Ethereum speed illusion. Source: CryptoQuant
The analyst also noted that Binance’s funding rates have risen significantly above their average over the past 30 days, indicating that traders using leverage are increasingly aiming to capture more price gains. However, this optimism has not yet been supported by a tangible capital move on-chain, while stablecoin redemptions point to weaker overall purchasing power in the market.
CryptoOnchain said that the disconnect between rising speculative positions and weak economic activity on the Ethereum network could make the market vulnerable to a sharp deleveraging event if stronger capital inflows fail to materialize.
$ETH
The digital asset market saw modest trading, rising 1.1% on Friday, as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) held onto their recent recovery levels. These gains came despite capital leaving U.S. spot ETF funds (ETFs), and investors’ caution, indicating that buyers are continuing to defend key support levels.
Bitcoin held steady near $64,000 despite outflows from ETF funds and selling pressure from Treasury bonds.
Bitcoin (BTC) traded just above $64,000 on Friday, despite sell pressure from Bitcoin ETF funds in the U.S. spot market. These funds recorded net outflows of $95 million on Thursday, marking the second consecutive day of negative flows.
Bitcoin spot ETF fund flows. Source: SoSoValue
This move follows a disclosure by Bitcoin treasury management firm “Empire Digital” in a filing submitted to the U.S. Securities and Exchange Commission, stating that it sold 1,400 bitcoins since May at an average price of $62,200. The proceeds will be used to repay debts, finance a previously announced real estate purchase, and cover legal expenses.
The company also announced a shift in its strategic focus toward AI infrastructure, including participation in a proposed $1 billion AI data center project. As part of this shift, Empyreal will stop publishing net asset value (NAV) updates based solely on its Bitcoin holdings, reflecting its growing exposure to AI and energy infrastructure businesses.
Meanwhile, Japan’s Metaplanet announced a feasibility study with JPYC, Progmat, and its securities subsidiary company to explore Bitcoin-backed digital credit products.
The initiative will evaluate the use of Bitcoin as collateral alongside stablecoins and tokenization infrastructure to enable issuance, settlement, and interest payments around the clock, 24/7.
$BTC