🔹 Ethereum’s price action is becoming increasingly tied to ETF flows. Over the past year, 30-day average daily ETH ETF inflows have tracked ETH prices remarkably closely, highlighting the growing influence of institutional demand.
🔹 One of Ethereum’s key narratives has been its roughly 2.5% net staking yield. However, with inflation reaccelerating and U.S. 10-year Treasury yields rising above 4.6%, that yield advantage is becoming less compelling.
🔹 Relative to risk-free government bonds, Ethereum’s staking returns no longer look especially attractive, weakening one of the asset’s core support arguments.
🔹 Against this backdrop, renewed ETH ETF outflows in May are not surprising. If the trend continues, Ethereum may remain stuck in a broader consolidation phase.

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