Ethereum (ETH) recorded significant improvements in the second quarter, in particular an increase in funds negotiated in exchange (ETF), the activity of layer 2 and liquidity, which improves the prospects of the third quarter.
According to the “Cartographing Crypto Q3 2025” report By Coinbase and Glassnode, the FNB ETFs of the American spot captured $ 1.7 billion in net entries in the last quarter, overthrowing the outings of the previous period.
Institutional flows return positive
In addition, layer flow – 2 increased by 7%, while average user fees dropped by 39%. This was followed by an 8% increase in liquid supply, while long -term sales decreased by 6%.
Due to the improvements observed in the last quarter, the share of the ETH held at a profit rose from less than 40% to almost 90%. In addition, the total value locked on Ethereum reached $ 63.2 billion.
Improvements are also recorded on the derivative market, where the daily turnover of perpetual term contracts reached an average of $ 51.4 billion, up 56% on the quarter.
The aggregate entries have erased a leak of $ 200 million from the first quarter and a reestablished momentum for managers positioning ETH as the second crypto with high capitalization of the market.
The interests open to the long term totaled $ 14.5 billion on June 30 despite a quarterly decline of 6.9%, highlighting deeper liquidity in regulated places.
Meanwhile, the open options are $ 5.3 billion, with derivative offices also recorded an 11% increase in the volume of tasks, reporting an increase in coverage appetite.
Network activity and economy
Developers and users have benefited from a 39% drop in basic layer costs, while rollers have absorbed more transactions, weakening the economy of the deployment of applications on the chain.
At the same time, the Ethereum inflation rate remained modest, at around 0.75% annualized. This long -term supply pressure amortized.
ETH marked continued to climb, and the report has plotted both total value and associated annual yield among its basic basic tables.
Chain analyzes show that holders have used the recovery of second trimester prices to reposition themselves. Liquid parts, defined as those moved within 90 days, increased by 8%, while the intact parts for more than a year dropped by 6%.
This indicated a distribution of controlled profit rather than large. The benefit / net and unrealized loss of ETH increased from capitulation to optimism between the first and second quarter, aligning the market cycle models which follow the changes of feeling of investors.
The pool of coins below cost more than 40 million to less than 10 million during the same period.
Collateral base and market share challenge
The total value of $ 63 billion in Located Ethereum (TVL) in the DEFI ecosystem is distributed among loans, decentralized exchanges and agricultural protocols.
Ether also extended its total crypto market capitalization branch alongside Bitcoin and Solana while investors were turning to perceived blue active ingredients.
The financing rates of perpetual exchange, followed alongside Bitcoin and Solana, remained neutral to positive until June, suggesting a balanced speculative positioning rather than foam.
However, the report warned that supported FNB entrances and favorable costs of costs must persist to maintain the constructive backdrop of the second trimester.
Nevertheless, he noted that Ethereum now enters the third trimester with a stronger institutional sponsorship, a reduction in transaction costs and a healthier chain profit profile.
