In our previous research report entitled Bitcoin’s Liquidity Trifecta: Unpacking Liquidity Across On-Chain Data, Market Microstructure and MakrodriverWe explored how different liquidity indicators could reveal underlying capital flows and liquidity conditions for Bitcoin. Applying the same frame on ether (Eth) Gives us valuable insight into its current liquidity profile-boats on-chain and in the wider market. In this update we also highlight the growing role of digital asset boxes (Dats) Which has emerged as an important driver behind ETH’s recent rally.
Webinar Alert: On September 9 at 1 p.m. At 11.00, one ends up with Michelle Noyes from Aima and Andy Baehr from Coindesk -Indexes when discussing building a sustainable business in the cyclic markets in Crypto. Sign up today. https://aima-org.zoom.us/webinar/register/491758078322/wn_3jagirqmtk2Z7e74q5bkwg#/registration
Event warning: Coindesk: Politics and regulation in Washington DC on September 10th. The agenda includes senior officials from SEC, Treasury, House, Senate and OCC, plus private round tables and unique networking opportunities. Use Code Coindesk15 to save 15% on your registration. http://go.Pakinomist.com/4ov08aa.
1. Realized Cap: Measurement of new capital flow
Realized Cap tracks the net USD-denomined capital invested in a token, reflecting the cumulative cost basis for all holders. Since the cycle low in November 2022, ETH has recorded Over $ 81 billion In fresh capital flow, push the realized hood to a new height at all times $ 266 billion Per. August 8, 2025.
For context, this represents one 43% increase For ETH during the period – essential but still good under Bitcoin’s 136% Stig in realized Cap. The slower growth rate suggests that although ETH has attracted meaningful new investments, there may still be plenty of room for expansion when institutional interest rates accelerate.
2. UNOVED SPOT ETH ETF ADVANCE: Tracking institutional allocation
In our Bitcoin study, we developed a method of estimating true institutional demand by isolating ETF flowers that are not bound to uncovered arbitrage trades. Application of this frame on ETH shows that 80–90% of ETF -flow are probably genuine institutional assignments, with the rest driven by arbitrage strategies – long spot positions uncovered via CME futures to capture price differences.
Interestingly enough the proportion of arbitrage-related streams is much higher for ETH than Bitcoin where only around 3% of the stain ether Etf flows are estimated to be arbitrage-based. This emphasizes that institutional allocation to ETH is still behind BTC, though we expect this gap to gradually close with the recent influx of institutional interest in cryptocurrency.
Data Source: Avenir, CFTC, Glassnode
3. Futures and Opportunities Open Interest: Measurement of Derivatives Growth
From July 21, the open interest combined (Oi) In eth -futures and opportunities stood on $ 71 billion. Unlike Bitcoin – where Oi in eternal futures and options is almost balanced – ETH options remain less than half of eternal futures oi.
Given that the possibilities are more often used by professional dealers and institutions, this imbalance indicates that institutional derivatives participation in ETH still has considerable room to grow.
4. Limit order book imbalance: Reading market mood
Order book analysis reveals remarkable mood change. When ETH recovered $ 3,800 in July after 7 months, a strong sale appeared on the sales page on the border order books (Lob)suggesting intense, long awaited profit. But when the price was withdrawn against $ 3,300, the depth of purchase increased significantly, signaling “buy-the-dip” behavior at this level. Since then, the order book has shown a more balanced supply demand profile, which suggests no extreme positioning from the market at this time.
Data Source: Avenir, Binance
5. Digital asset boxes (Dats): growing structural buyers of eth
A new and increasingly important source of demand for ETH comes from DATS – companies that diversify to ETH by keeping it on their balance. For example, Bitmine and Sharplink are two of the most notable representatives of this trend.
Since April, dats have collected about 4.1 million ETH ($ 17.6 billion) that represents about 3.4% of the circulating supply; Bitmine alone accounts for 1.3%. For context, US SPOT ETH ETFs currently have 5.4% of ETH Total Supply. This highlights the extent of these structural allocations from DATS.
What separates that is flowing apart is their character with long duration. Unlike futures traders or ETF -Arbitrage flowers, it is less likely that the Distribution of State often rotates capital, making them a source of sticky structural demand.
Conclusion
Across the on-chain and off-chain liquidity meals are a theme clear: Eth’s institutional participation is still in the early stages compared to Bitcoin. Realized CAP growth, ETF flow composition and derivatives Market structure for the market structure points to a significantly unused potential.
At the same time, DAT -Awards become a strong driving force for sustained ETH streams, just as how business balance strategies such as strategy created a new structural demand channel that helped fuel Bitcoin’s rally at the end of 2024.
If institutional adoption of ETH follows a course similar to Bitcoin’s, the coming months could see meaningful capital flow and with them the potential of excessive benefit.
