Short Ether bulls blinked this week as ProShares UltraShort Ether ETF ETHD logged outflows of $3.96 million on April 21, 2026, trimming leveraged bearish exposure to the world’s second‑largest cryptocurrency. The redemption equals about 5.2% of the fund’s $76.6 million in assets under management, a sizable vote of caution from investors who had been betting against Ether.
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The related asset, ETH-USD, is currently trading at $2,309.21 after sliding roughly 21.4% over the past three months, a drawdown that had previously emboldened short-side strategies. Yet the near-term picture looks less decisive, with the 1-day technical signal flashing a cautious Hold rather than a renewed bearish or bullish call.
The sizable pullback from ETHD suggests traders may be locking in gains from Ether’s recent weakness or reducing risk ahead of potential catalysts, such as regulatory headlines or broader macro shifts. As leveraged inverse vehicles magnify daily moves, the latest flows could signal waning appetite for aggressive downside exposure even as Ether’s medium-term trend remains under pressure.
For a more detailed analysis and real-time sentiment trends, check the live cryptocurrency prices here.