Ethereum ETF inflows battle futures open interest as BUIDL hits $650m

Institutional flows and BUIDL

BlackRock’s BUIDL fund reached a supply of $3.0 billion by June 2026, which signals the momentum for tokenized real-world assets. This demand shows up in the Ethereum spot ETF market too. On September 11, spot Ethereum ETFs saw $216.41 million in net inflows. While BlackRock’s ETHA led the September 11 session with $148.82 million in net inflows, Bitwise’s ETHW followed with $29.09 million, contributing to a massive single-day surge of $216.41 million in net inflows for all Ethereum ETFs. Fidelity’s FETH added $11.40 million, VanEck’s ETHV added $3.71 million, and Grayscale’s ETH added $5.09 million. Grayscale’s ETHE and Franklin’s EZET recorded zero net inflows on September 11. BlackRock’s ETHA alone recorded $1.02 billion in inflows over nine consecutive sessions from 17 to 27 August 2026. Total August inflows for Ethereum ETFs reached $1.85 billion, which flipped 2026 net flows positive. Cumulative net inflows for all Ethereum ETFs reached $13.39 billion since inception, which is 5.28% of Ethereum’s total market capitalization. Total net assets for these products reached $16.31 billion.

Derivatives divergence and the supply crunch

The derivatives market shows a different trend than the spot inflows. Ethereum futures open interest fell 44.96% over the last year to $34.91 billion. Analyst Daan Crypto Trades says this reduction in leveraged positions is a way to flush out speculative excess. This reduction can prepare the market for a healthier move in either direction. Meanwhile, CME Ethereum futures saw an 82% increase in trading volume to $118.1 billion in July. Open interest for these CME products grew 75% in the same month to $5.2 billion. Ethereum exchange reserves dropped from 16.9 million ETH in January to 14.9 million ETH by late August. This reduction in liquid supply, combined with accumulation by entities like BitMine, makes ETH more sensitive to incremental demand. You should watch how the reduction in perpetuals affects the momentum of spot accumulation. The ETF inflows provide a firmer price floor than the declining futures open interest provides for upward momentum. In contrast to Ethereum’s movement, Bitcoin remains stuck below its own long-term resistance between $82,000 and $83,000.

Technical resistance and price targets

Ethereum trades near $2,506 as of September 13, having briefly touched the $2,600 zone on September 11. A weekly close above $2,550 is a level that supports a rally toward $3,000. Crypto analyst Ali Martinez identified a triangle consolidation pattern on the 12-hour chart that previously preceded a 31% surge. Market observer Wealthmanager noted that Ethereum already broke through a resistance band between $2,300 and $2,400. If momentum persists, ETH could test $3,000 before any pullback toward $2,300. On the downside, a break below $2,490 shifts focus to the $2,400 support region. A decisive push above $2,510 could bring the $2,550 resistance back into play, followed by a retest of the recent $2,600 high. Will the reduction in leveraged positions provide enough stability for a sustained run to $3,000? The MACD main line is below its signal line, which shows weak short-term bullish momentum. The four-hour Relative Strength Index is 51.77. Ethereum remains 46.53% below its all-time high of $4,946.05. A move toward the $2,100 support remains possible if market momentum fades.