Ethereum surged above the $2,700 mark on July 9, rallying ~4 % to $2,724, driven by a fresh wave of spot ETF inflows exceeding $4.5 billion as of July 8, per Farside Investors data.

From July 1–8, Ethereum ETFs collectively captured $303 million, with BlackRock’s ETHA contributing about $171.8 million and Fidelity’s FETH around $74.5 million. These capital injections mark a significant inflection point, registering just 25 U.S. trading days after cumulative ETF inflows crossed the $3 billion threshold on May 30.

⚖️ Derivatives and On‑Chain Signals

A notable signal emerged on Binance on July 9: the ETH/USDT perpetual long‑to‑short ratio fell to 0.98, the first sub‑1 reading since April 16, 2023, when it reached 0.94. This decline reflects a balanced or modestly net‑short positioning, suggesting fresh capital is entering rather than traders unwinding.

At the same time, rising open interest alongside this price push hints at strengthening bullish conviction—when rising open interest synchronizes with upward price movement, it's traditionally viewed as a confirmation of trend strength.

🔮 Q3 Catalysts & Outlook

Analysts at CF Benchmarks highlight several potential catalysts for Ethereum in the coming quarter:

1. $10 B in additional ETF inflows as second-wave platforms launch.

2. $5–7 B from staking-enabled ETFs, leveraging regulatory progress.

3. Corporate treasury adoption, potentially expanding public ETH holders from 5 to 50.

4. Increased blockspace…