Gate News message, April 16 — Ethereum has stabilized above $2,300 following recent gains, with ETH futures open interest climbing to $25.4 billion as leverage demand rises. U.S.-listed spot ETFs recorded net inflows of $248 million over the past 10 days, while institutional investor Bitmine Immersion disclosed purchases worth $312 million in ETH.
However, perpetual contract funding rates have failed to sustain levels above 5% and have repeatedly dipped below zero, signaling limited confidence in the current rally. Ethereum’s weekly DApp revenue has also declined from $24 million in early February to $11 million, with weakening network activity and intensifying public chain competition potentially continuing to pressure ETH price action.
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