Ethereum's crowd has turned sharply bearish for the third time this month — a reading Santiment treats as contrarian after two earlier lows preceded rebounds. Spot ETF inflows and on-chain metrics point to easing downside risk as ETH trades near $1,854.
Traders are loudly giving up on Ethereum again, and the last two times that mood struck, the price turned higher. Santiment's ratio of positive to negative ETH commentary fell to 1.089 on July 24, its third bearish extreme in a month, while ETH traded near $1,854.
Two sentiment lows already preceded rebounds
The firm's earlier troughs landed on June 27 and July 11. After those readings, ETH gained 14% over the following 7 days and 7% over the next 4 days.
Santiment measures the ratio across X, Reddit, Telegram, and other crypto channels, treating bearish market sentiment as a contrarian marker. Even so, the firm stopped short of calling a reversal.
ETF inflows and on-chain data lean bullish
Institutional buyers did not follow the crowd lower. Ethereum ETFs pulled in $103.9 million in the week ending July 24, more than any other spot crypto product. That capped a third straight positive week, after inflows of $84 million and $105 million.
On-chain readings lean the same way. According to CryptoQuant, ETH is "undervalued relative to its cost basis" and trades near $1,900, roughly 17% below its realized price of $2,304, in the lower half of its realized price band.
Exchange flows tell a similar story. The ETH/BTC exchange inflow ratio now sits near 0.8, down from above 1.5 in August 2025, though earlier bottoms formed nearer 0.4.
XWIN Research flagged Binance reserves as another signal. Holdings there have fallen from nearly 5 million ETH in mid-2025 to around 3.8 million, leaving fewer coins ready to sell. A continuation, the analyst added, could set up relative strength against Bitcoin.
Source: BeInCrypto
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