Whale-Sized Inflows Test Nerves in Ether-Leveraged ETF as Token Slides
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ProShares’ leveraged ether product, the ETHT Ultra Ether ETF, attracted fresh capital even as its underlying asset remains under pressure. On January 20, 2026, the fund recorded approximately $4.51 million in new inflows, equivalent to about 1.18% of its latest reported assets under management (AUM) of $382.48 million.
The size of the single-day flow, relative to AUM, suggests that a subset of traders is actively positioning for renewed volatility or a potential rebound in ether, rather than abandoning leveraged exposure. Such inflows into a 2x-style vehicle often signal more speculative conviction, even when broader sentiment skews cautious.
The related asset, ETH-USD, is currently trading around $3,010.80, having shed roughly 21.8% over the past three months. Short-term momentum remains weak, with a 1-day technical read pointing to a Strong Sell signal, underscoring the risk that recent inflows into ETHT may be attempting to catch a falling knife rather than riding an established uptrend.
For now, the divergence between negative technicals in ether and fresh money flowing into ETHT highlights a classic tug of war between dip buyers and trend-followers. How that battle resolves will likely dictate whether January’s flows mark the early stages of a contrarian opportunity or the prelude to further volatility in leveraged ether exposure.
For a more detailed analysis and real-time sentiment trends, check the live cryptocurrency prices here.