Ethereum Futures Longs Slide Sharply as Top Traders De-Risk After ETF Rebound

Top traders sharply cut Ethereum futures long exposure on July 3, with coin-margined longs falling 4.6 points to 54.38% and long-account share dropping 6.68 points. This de-risking follows a brief stabilization on July 1 when spot Ethereum ETFs recorded $14.89 million in net inflows, ending a nine-day outflow streak led by BlackRock’s ETHA. The reversal came after $8 million in ETF outflows on June 29 that coincided with $24.95 million flowing into USDT, signaling defensive positioning. Meanwhile Bitcoin ETFs extended outflows to $294.62 million on July 1, highlighting ongoing rotation within crypto products. The latest futures data suggests the ETF rebound has not yet restored broader institutional conviction.