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Ethereum investors haven’t had it easy lately. ETH has been slowly grinding lower, dragging the broader altcoin market with it. When you include Ethereum in the altcoin basket, its underperformance has actually weighed on the entire sector.

From its all-time high of $4,900 set back in 2021, ETH is still down a brutal 63%, currently trading around $1,791. That’s a level we haven’t seen since March 2023. Even as Bitcoin regained momentum and many smaller altcoins started to bounce back in the last few weeks, Ethereum has looked heavy, showing no real signs of leadership. In fact, ETH has been one of the weakest majors on the board throughout this cycle.

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But this week, something shifted—at least slightly.

Ethereum ETFs just recorded a $64 million daily inflow, snapping a multiweek streak of steady outflows. For the past two months, capital has mostly been leaving Ethereum ETFs, reflecting the broader disinterest or caution in the market. While $64 million isn’t a jaw-dropping number, especially compared to Bitcoin ETF flows, it’s a noteworthy pivot. It’s the largest daily inflow ETH has seen in quite some time, and at the very least, it signals that some buyers are stepping back in at these levels.

Of course, it’s important to keep this in perspective. Compared to BTC, these inflows are still weak. Bitcoin ETFs regularly post days with hundreds of millions in inflows, especially around key breakout zones. ETH is nowhere near that territory. But that’s also the point—this kind of movement is new for Ethereum after months of bleeding, and that shift in momentum could be hinting at some renewed optimism under the surface.

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That said, it’s crucial not to jump the gun and assume this means ETH’s price will follow suit. ETF inflows are a good sign of sentiment, but they don’t always correlate directly with price action—especially in the short term. We’ve seen this play out before. Just look at December:

Ethereum ETF inflows were hitting impressive levels, ranging from $100 million to over $300 million at times. But price action during that period was still weak, with ETH trending lower and failing to break out to new highs.