Ethereum $ETH is currently showing a unique divergence between institutional buying and on-chain activity.
Here is a brief look at the data:
*Steady Accumulation: Despite a recent **42% drawdown , $ETH ETFs have seen **10 straight days of net inflows**, absorbing $633M
* $ETH is holding near **$2.4K**, with key support at **$2,300** and a primary breakout target of $2,680.
* The Divergence: While capital is flowing in, DApp revenues have dropped **50%** over the last six months.
Institutional capital often front-runs utility. Large-scale investors are establishing positions now, suggesting they expect market structure to move upward before network usage metrics fully recover.