In our previous research report entitled Bitcoin TRIFFECT LIQUIDAD: Unpaid liquidity in the data in the chain, market microstructure and macro controllersWe explore how several liquidity indicators could reveal underlying capital flows and liquidity conditions for Bitcoin. Applying that same frame to the ether (Eth) It gives us a valuable vision of its current liquidity profile, both in the chain and in the broader market. In this update, we also highlight the growing role of digital asset bonds (Dats) which have become a key controller behind the recent ETH rally.
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1. Cape Made: Measure new capital tickets
The CAP carried out tracks the net capital called in USD invested in a token, reflecting the cumulative cost base of all holders. From the low cycle in November 2022, ETH has absorbed More than $ 81 billion In new capital tickets, taking its limit made to a new historical maximum of $ 266 billion As of August 8, 2025.
For context, this represents a 43% increase For ETH during the period, substantial, but still well below the Bitcoin 136% Increase in the cap made. The slower growth rate suggests that, although ETH has been attracting a significant new investment, there may still be a wide space for expansion as institutional interest accelerates.
2. Demand for ETF spot Eth without sinking: monitoring of the institutional allocation
In our Bitcoin study, we develop a method to estimate genuine institutional demand by isolating ETF tickets not linked to covered arbitration trades. Apply this frame to eth shows that 80-90% of ETF Spot Eth entrances It is likely that genuine institutional assignments, with the rest promoted by arbitration strategies: long -covered spot positions through future CMEs to capture price differential.
Interestingly, the proportion of arbitration -related flows is much greater for ETH than Bitcoin, where only around 3% It is estimated that ETF spot entrances are based on arbitration. This emphasizes that the institutional allocation to ETH still is left behind BTC, although we hope that this gap gradually closes with the recent influx of institutional interest in the cryptocurrency.
Data Source: Avenir, CFTC, Glassnode
3. Futures and Open Options: Growth of Measurement Derivatives
As of July 21, the combined open interest (I heard) In eth, the future and the options stopped in $ 71 billion. However, unlike Bitcoin, where he heard in futures and perpetual options is almost balanced, eth options remain less than half of the future perpetual OI.
Since the options are used more frequently by professional merchants and institutions, this imbalance indicates that the participation of institutional derivatives in ETH still has a significant space to grow.
4. Limit the imbalance of the book of orders: feeling of the reading market
The analysis of the order book reveals notable feeling changes. When ETH recovered $ 3,800 in July after 7 months, a strong sale bias arose in the borderline books (LOB)suggesting an intense and long -awaited profit taking. But as the price becomes related to $ 3,300, the depth on the purchase side increased significantly, indicating the behavior of “buying the dip” at that level. Since then, the order book has shown a more balanced supply demand profile, which suggests that there is no extreme positioning of the market today.
Data Source: Avenir, Binance
5. Digital Assets Treasures (Dats): growing structural buyers of ETH
A new and increasingly important source of eth comes from DATs: corporations that diversify in ETH by keeping it in their balances. For example, Bitmine and Sharplink are two of the most notable representatives of this trend.
Since April, Dats has accumulated approximately 4.1 million ETH ($ 17.6 billion), Representing on 3.4% of circulating supply; Bitmine only represents 1.3%. For the context, the US ETF eth. UU. They currently have 5.4% of ETH total supply. This highlights the scale of these DATS structural assignments.
What distinguishes Dat flows is its long -lasting nature. Unlike futures merchants or ETF arbitration inputs, treasure assignments are less likely to rotate capital frequently, which makes them a source of sticky structural demand.
Conclusion
In the liquidity metrics in the chain and outside the chain, a topic is clear: ETH institutional participation is still in the early stages compared to Bitcoin. The growth performed of the limit, the ETF entrance composition and the derivative market structure point to the significant potential without exploit.
At the same time, DAT assignments are becoming a powerful promoter of sustained ETH flows, as well as how corporate balance strategies, such as strategy, created a new structural demand channel that helped feed the Bitcoin rally at the end of 2024.
If the institutional adoption of ETH follows a trajectory similar to that of Bitcoin, the next months could see significant capital tickets, and with them, the huge performance potential.
