Ethereum spot ETFs recorded 12 consecutive trading days of net inflows since August 12th, totaling over $1.5 billion. BlackRock represented the bulk of this demand, purchasing $1.02 billion in just 9 days through its ETHA fund. Despite these massive inflows, the buy/sell ratio on Binance fell to 0.81, with sells 23% higher than buys, signaling extreme selling pressure. ETH was trading around $2,500, above the cost basis of large holders ($2.26k-$2.35k), forming a consolidation range between $2,383 and $2,530. As long as the $2.3k support holds and buyers absorb the selling pressure, bulls can remain confident.
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