In our previous research report entitled Bitcoin liquidity trifecta: liquidity unpacking between chain data, market microstructure and macro driversWe have explored how various liquidity indicators could reveal underlying capital flows and liquidity conditions for Bitcoin. Apply this same framework in Ether (Eth) Gives us a precious overview of its current liquidity profile – both in chain and on the larger market. In this update, we also highlight the growing role of the treasures of digital assets (Dats) which have become a key engine of the recent ETH rally.
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1. Cap
The CAP produced follows the net capital labeled in USD invested in a token, reflecting the cumulative cost base of all holders. Since the low cycle in November 2022, ETH has absorbed More than $ 81 billion in new capital entries, pushing its ceiling made to a new summit of all time 266 billion dollars As of August 8, 2025.
For the context, this represents a 43% increase For the ETH over the period – substantial, but always well below Bitcoin 136% Elevation of the ceiling carried out. The slower growth rate suggests that if ETH has attracted a significant new investment, there can still be a large place for expansion as institutional interest is accelerating.
2.
In our Bitcoin study, we have developed a method to estimate the real institutional demand by isolating FNB entries not linked to the covered arbitration trades. The application of this frame to ET shows that 80–90% of FNB spot entries Are probably real institutional allowances, the rest driven by arbitration strategies – long -term occasional positions via CME’s term contracts to capture price differences.
Interestingly, the proportion of flows related to arbitration is much higher for ETH than Bitcoin, where only 3% The ETF entries of the Spot ether are estimated to be based on arbitration. This underlines that the institutional allowance at the ETH is still lagging behind the BTC, although we expected that this gap gradually closes with the recent influx of institutional interest in the cryptocurrency.
Data source: Future, CFTC, Glassnode
3. Ultimately and options open interest: assess the growth of derivatives
As of July 21, a combined open interest (OI) in the future and the ETH options were stated $ 71 billion. However, unlike Bitcoin – where the oi in future and perpetual options is almost balanced – the OI OI options remain less than half of the perpetual oi.
Since the options are more often used by traders and professional institutions, this imbalance indicates that the participation of institutional derivatives in ETH always has an important place to develop.
4. Limit the imbalance of the order book: the feeling of the reading market
Analysis of order notebooks reveals notable feelings. When ETH found $ 3,800 in July after 7 months, a strong sales bias emerged on the limit books (LOB)suggesting an intense and long -awaited profit. But as the price was found around $ 3,300, the depth of the purchase increased considerably, signaling a behavior “buy DIP” at this level. Since then, the order book has shown a more balanced supply request profile, not suggesting extreme market positioning at present.
Data source: future, binance
5. Treasure of digital assets (Dats): Cultives of ETH structure buyers
A new source of demand for ETH’s demand comes from dates – companies that diversify in ETH by keeping it on their balance sheets. For example, Bitmin and Sharplink are two of the most notable representatives of this trend.
Since April, Dats has been accumulated about 4.1 million ETH ($ 17.6 billion), representing approximately 3.4% food in circulation; Bitmin alone represents 1.3%. For the context, the United States FNB Spot currently hold 5.4% of ETH’s total supply. This highlights the scale of these dats structural allowances.
What distinguishes date is their long -term nature. Unlike long -term merchants or FNB arbitration entries, treasury allowances are less likely to frequently run capital, making it a sticky structural demand.
Conclusion
Through the liquidity measures in chain and out of chain, a theme is clear: ETH’s institutional participation is still in the early stages compared to bitcoin. The growth of the ceiling carried out, the composition of ETF entries and the structure of the derivative market all indicate a significant unexploited potential.
At the same time, DAT Allocations become a powerful supported ETH flow engine, as is the way in which business balance sheet strategies such as the strategy have created a new structural demand channel that helped feed the Bitcoin rally at the end of 2024.
If the institutional adoption of the ETH follows a trajectory similar to that of Bitcoin, the coming months could see significant capital entries, and with them, the excessive performance potential.
