Ethereum ETFs have closed yet another week in the red, recording net outflows amid continued investor hesitation.
Notably, there has been no single week of net inflows since the end of February, highlighting waning institutional interest in ETH-related products.
Ethereum ETFs Face Steady Outflows
Ethereum-backed ETFs have recorded their seventh consecutive week of net outflows, highlighting sustained institutional hesitance toward the asset.
This week alone, net outflows from spot ETH ETFs totaled $82.47 million, marking a 39% surge from the $49 million recorded in outflows the previous week.
Total Ethereum Spot ETF Net Inflow. Source: SosoValue
With the steady decline in institutional presence in the ETH market, the selling pressure on the coin has soared.
Over the past week, ETH’s price has declined by 11%. The steady outflows from the funds backed by the coin suggest that the downward momentum may persist, increasing the likelihood of a price drop below the $1,500 mark.
On the price chart, technical indicators remain bearish, confirming the mounting pressure from the selling side of the market. For example, at press time, readings from ETH’s Directional Movement Index (DMI) show its positive directional index (+DI) resting below the negative directional index (-DI).
The DMI indicator measures the strength of an asset’s price trend. It consists of two lines: the +DI, which represents upward price movement, and the -DI, which represents downward price movement.
As with ETH, when the +DI rests below the -DI, the market is in a bearish trend, with downward price movement dominating the market sentiment.
Ethereum’s Price Could Drop Below $1,500
The lack of institutional capital could delay any significant rebound in ETH price, further dampening short-term prospects for recovery. If demand leans further, ETH could break out of its narrow range and follow a downward trend.
The altcoin could fall below $1,500 in this scenario to reach $1,395.
According to data from PiScan, the Pi Network’s core team currently holds the majority of the total Pi Coin (PI) supply.
While such concentration may be necessary during the early stages of a network’s development, it also raises significant concerns about the project’s future decentralization.
Pi Coin Supply Concentration: Core Team’s Control Sparks Worries
The latest data reveals that the Pi Network’s core team controls approximately 62.8 billion Pi Coins across six wallets. Additionally, around 20 billion PI sits in roughly 10,000 unlisted wallets that belong to the team.
This brings the total supply held by these entities to about 82.8 billion PI. It represents a major chunk of the total maximum supply of 100 billion.
Further complicating the centralization issues, Pi Network is currently operating with only 43 nodes and three validators globally. In stark contrast, more established Layer 1 networks, such as Bitcoin (BTC), operate with over 21,000 nodes.Moreover, Ethereum (ETH) has over 6,600, and Solana (SOL) has around 4,800 nodes.
The limited number of nodes and validators means that control of the network is concentrated in the hands of a few entities. Therefore, this makes the network much more centralized than its more established counterparts.
“Analyzing Pi Network’s source code and on-chain data is currently challenging due to its incomplete openness,” PiScan posted on X.
Meanwhile, Pi Network has also raised doubts regarding privacy and third-party involvement. In the 2025 privacy policy update, Pi Network revealed that it uses ChatGPT for its Know Your Customer (KYC) process. This feature was not mentioned in the previous version of the policy.
“We use ChatGPT, as a trusted AI partner, to automate identity verification and enhance security measures. By using our KYC services, users consent to the use of ChatGPT, and other AI providers that may be later implemented, as part of our KYC process,” the document states.
The introduction of artificial intelligence (AI) into the KYC process brings a new layer of complexity to how user data is shared and processed.
This dissatisfaction has resulted in a sharp decline in Pi Network’s popularity. According to Google Trends, the search interest for “Pi Network” has dropped significantly since the mainnet launch on February 20.
On launch day, the search interest was at 100, indicating a peak of public attention and excitement surrounding the event. However, this figure has plummeted to just 12 at the time of this report, reflecting a steep decline in interest.
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