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Ethereum stays range-bound as daily ETF inflows spike to highest since January

On Wednesday, spot ethereum ETFs recorded $169.4 million worth of inflows.

3/5/26 12:33PM

Even though ethereum is prone to volatility, the token has managed to hold within a range of $1,910 to $2,180 amid geopolitical conflict in the past week.

“We started to see some conversation that crypto held up really well during that session, even in the face of what’s going on in Iran,” said Fredrick Collins, CEO of crypto analytics platform Velo.xyz.

This feeds a theory that positioning is very light in the space. “Traders were cutting risk across all of their positions Monday morning — so if crypto held up, it suggests that very few people have any positions left in crypto,” Collins told Sherwood News.

“The value here as a safe haven has been unreliable, but recently it’s served as a strong portfolio ballast and that’s noticeable,” Collins continued. “I’d expect inflows to persist for a bit, and probably a lower-than-usual correlation to equities as well.”

The price action comes as spot ethereum ETFs saw $169.4 million in inflows on Wednesday, the most in a single day since January, per SoSoValue. To begin attracting people’s attention from a price perspective, ethereum would need to trade over $2,500, “given how beaten down it’s been,” Collins added.

On the bearish side, Collins said ethereum falling under $1,900 would make it an asset in a clear downtrend. “Beneath $1,900 are prices we’ve spent a very low percent of the year at,” he said. “We can see the majority of the range post last month’s sell-off has been above it, and unless any further trips beneath it are short-lived, that would probably signify a bit of a defeat for all of the last month’s buyers.”

Hovering below the $2,100 level Thursday, ethereum is trading well under the cost basis of almost every ethereum treasury firm, data from blockchain analytics firm Artemis shows.

For example, Bit Digital, a firm with one of the biggest stockpiles, at 155,434 tokens, said the total average acquisition price for its ethereum holdings was approximately $3,045, according to the firm’s monthly report published on Thursday.

Market-implied probabilities derived from event contracts show traders are currently pricing in a 34% chance ethereum rises above $2,500 in March and a 17% likelihood the token climbs as high as $2,750.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Sage D. Young

6/5/26

Zcash nosedives after counterfeit vulnerability revealed

The privacy-focused cryptocurrency has dropped more than 40% in the last 24 hours, shedding $3.8 billion in market capitalization.

$62B

Yaël Bizouati-Kennedy6/5/26

Bitcoin digital asset treasuries (DATs) have taken a big hit amid bitcoin’s tumble, shedding $62 billion in value since the asset’s October 6 all-time high, Artemis data shows, with their fully diluted market cap dropping to $72 billion from $134 billion in early October.

Meanwhile, bitcoin, which has fallen below $62,000 on Friday morning, is down 50% from its all-time high. DAT pioneer Strategy’s market cap stood at $102.2 billion on October 6, according to Macro Trends, and is now down to $45.6 billion, a 55% decline. Strategy has been in hot water since it sold 32 bitcoin earlier this week, and because its digital credit instrument, STRC, has been trading below its par value. Shares of Strategy are down 17% in the past week.

Sage D. Young6/4/26

“Sentiment for crypto is firmly in the gutter” as sector sinks, with tokens hitting multiyear lows

On Thursday, altcoins swept lower as bitcoin weakened. The tokens with the biggest losses in the last 24 hours are NEAR, ethena, and Zcash, each declining double digits in the period.

Other tokens have dropped to lows not seen in over a year in the past 24 hours:

Ethereum dropped 4.4% to under $1,780, a level not seen since April 2025.
XRP declined 4.5% to an 18-month low last hit in November 2024.
Solana decreased 6% to trade below the $70 mark, its lowest price since December 2023.
Dogecoin slid below $0.09, a 27-month low last seen in February 2024.

“Sentiment for crypto is firmly in the gutter as fears surrounding BTC/STRC and its potential overflow compound and overshadow anything that can be read as positive news (e.g. CLARITY movements),” according to Sean Dawson, head of research at crypto options platform Derive.xyz.

“[Altcoins] are high beta plays to BTC and are typically sold heavily in a downturn. Simply put, I’d be even more bearish on alts,” Dawson told Sherwood News.

“Further, liquidity has been drained into this year’s ‘superhot’ narrative of AI/data centers. In other words, there are just better, more exciting opportunities elsewhere,” Dawson added.

One cryptocurrency that has bucked the downtrend has been worldcoin, the native token for World, the digital identity project backed by OpenAI CEO Sam Altman. While the broader crypto market has been pushing lower, WLD has jumped nearly 5% in the last 24 hours and 90% in the past seven days, data from CoinGecko shows.

Yaël Bizouati-Kennedy

6/4/26

Bitcoin nears February lows amid $1.4 billion exiting its ETFs

“This week has been painful in crypto. There is really no other way of putting it.”