Ethereum ETFs recorded inflows of 8,404 ETH, signaling renewed institutional interest amid falling exchange-held supply.
The ETH/BTC ratio rebounded from five-year support, forming a double bottom and signaling potential for a long-term trend reversal.
Analysts target 0.03 ETH/BTC as inflows and supply trends reinforce bullish sentiment among institutional and retail investors.
Ethereum ETFs recorded strong inflows on May 20, with 8,404 ETH added across nine U.S. funds, according to Lookonchain. The ETH/BTC ratio also bounced from long-term support, signaling a potential structural reversal on weekly charts.
Institutional ETH Demand Rebounds Sharply
Ethereum investment products showed a marked uptick in demand, with iShares Ethereum Trust (ETHA) absorbing 5,449 ETH, the day’s highest inflow across all funds. “9 Ethereum ETFs recorded a net flow of +8,404 ETH ($20.83M),” stated in an update by Lookonchain on X, also highlighting ETHA's total holdings of 1,289,892 ETH worth $3.2 billion.
https://twitter.com/lookonchain/status/1924828058550468909
Grayscale’s Ethereum Mini Trust added 3,290 ETH daily, bringing its total to 489,957 ETH. Other funds, including ETHW and ETHV, remained unchanged, while Grayscale’s primary ETH trust reduced by 231 ETH. Notably, just 4.9% of ETH is now held on exchanges, the lowest in a decade.
Such shifts are prompting firms to recalibrate strategies. Institutional flows into ETH reversed course in May, following months of net outflows. Now, inflows into BlackRock’s ETHA and declining exchange balances point to growing conviction among allocators and long-term holders.
Double Bottom in ETH/BTC Signals Breakout Potential
The ETH/BTC pair rebounded from its five-year structural support at 0.016000 BTC, forming a double bottom and reclaiming the 0.02386 BTC level. According to an analysis by Galaxy BTC, this bounce “marks the end of a downtrend spanning more than three years,” with momentum now shifting upward.
ETH/BTC previously peaked near 0.144383 BTC in 2018 and has failed to break that level since. The recent move off 2020 and 2025 lows indicates strong market response, reinforcing the level as generational support.
Simultaneously, other market indicators suggest a different trend. While Bitcoin ETFs maintain blue-chip consistency with 636,120 BTC held by BlackRock’s IBIT, ETH is attracting attention due to technical and structural catalysts. Analysts are now watching for a sustained push toward the 0.03 ETH/BTC level.
Breakout Retest Underway Amid Long-Term Supply Trends
The ETH/BTC pair is retesting its breakout, with analysts expecting continuation if support holds. Many are targeting the 0.036 zone in the coming weeks. This structure, built over half a decade, has shifted sentiment across both retail and institutional spheres.
Analysts Say ETH/BTC Has Bottomed, Breakout Retest Underway. As investor commentary spreads across forums, key opinion leaders describe the move as “historic,” citing increasing conviction and favorable supply dynamics. Ethereum is now trading 49% higher than its 2025 lows.
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