Despite ongoing institutional buying from Bitmine and other players, spot ETH ETF net outflows are dominating market sentiment. A single-day outflow of $345 million has largely eclipsed Bitmine's purchases, fueling concerns that ETH could soon test the psychological $1,500 support level.

On the fundamental side, growth in tokenization (RWA) and on-chain TVL highlight Ethereum's real value accrual. However, stagnant DApp activity combined with persistent ETF capital flight has created a severe imbalance between bulls and bears. With ETH price under mounting pressure, the $1,500 mark becomes a critical line in the sand — if ETF outflows continue at this pace, a breakdown below that level may be inevitable.

