The Underlying Currents Behind Ethereum ETF Zero Liquidity
Yesterday, nine Ethereum spot ETFs collectively experienced zero liquidity, marking the first 'silent day' in nearly three months, but the total management scale still firmly held at $5.26 billion, accounting for 2.78% of Ethereum's total market value. This contradictory phenomenon releases three key signals:
1. Policy Wait-and-See Sentiment Dominates
The ambiguous attitude of the U.S. SEC towards Ethereum ETFs (with the final approval deadline in May approaching) has led to a temporary stagnation of institutional funds. In contrast, during the same period, the net inflow of Bitcoin ETFs exceeded $380 million in a single day, indicating a clear shift of funds towards targets with higher certainty.
2. Market Bull-Bear Struggle Intensifies
Zero liquidity reflects that major funds are waiting for directional choices. Ethereum's price has recently fluctuated within a narrow range ($3000-$3300), with volatility dropping to a year-to-date low, while the number of open contracts in the derivatives market has grown by 15% against the trend, suggesting that a turning point is approaching.
3. Long-Term Allocation Logic Remains Unchanged
A cumulative net inflow of $2.36 billion confirms institutional trust in Ethereum's fundamentals. If the SEC approves new ETFs, the combination of staking returns and ecological upgrades (such as the implementation of EIP-4844) could trigger explosive replenishment.
The current silent period resembles the calm before the storm; after the policy is implemented in May, Ethereum may become the next stop for capital rotation.
