Pectra Upgrade Approaches: Spot Ethereum ETF Inflows Continue to Grow, Layer2 TVL Remains Stable
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Pectra Upgrade Approaches: Spot Ethereum ETF Inflows Continue to Grow, Layer2 TVL Remains Stable
How has Ethereum been doing in the past week?
Navigating Web3 tides with focused insightsAuthor: imToken
Ethereum's technological exploration continues to lead the development of various use cases across the blockchain industry. With the upcoming Pectra upgrade, Ethereum is poised for a new wave of technical transformation. What is the current state of transaction data within the Ethereum ecosystem and Layer2 networks? Meanwhile, nearly half a year has passed since the approval and listing of Ethereum spot ETFs, and their capital inflow trends reflect, to some extent, the value trajectory of ETH in traditional financial markets. What has this looked like over the past week?
Ethereum Spot ETFs
According to data published by Coinglass on February 19, 2025, the total trading volume of nine Ethereum spot ETFs listed on U.S. securities markets reached $355 million, with a total market capitalization of $9.879 billion and total assets under management (AUM) reaching $10.172 billion. The net capital inflows for these nine Ethereum spot ETFs over the past week (February 11 – February 19, 2025) are as follows:
Overall, net inflows over the past week were relatively concentrated, primarily flowing into Blackrock's Ethereum ETF (ETHA) and Fidelity's Ethereum spot ETF (FETH). ETHA saw net inflows of $24.6 million (9,121 ETH), while FETH recorded net inflows of $45.4 million (16,906.32 ETH).
Layer2 Networks
Based on data from L2BEAT, the total value locked (TVL) across Ethereum Layer2 networks reached $42.61 billion on February 19, 2025, with Rollups accounting for the largest share at approximately 83.8%.
Trend chart of total value locked in Ethereum Layer2
Over the past year (February 20, 2024 – February 19, 2025), the total TVL of Ethereum Layer2 peaked at $63.66 billion on December 16, 2024.
Trend chart of Ethereum Layer2 user activity (February 2024 – February 2025)
DEX Trading
According to DeFiLlama data, Ethereum DEX trading volume reached $8.48 billion on February 3, 2025, marking the highest level since March 12, 2023. Transactions on Uniswap accounted for 65.78% of the total trading volume.
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