Early February is proving to be record-breaking by some metrics and portfolio-shattering by others.

ETH ETFs are on the good side of the fence, having just smashed records with $1.5B in daily volume while Trump's tariff talk sent everyone into panic mode.

It goes to show that bad news for some is good news for others.

Inflows Galore

BlackRock's ETHA led the pack with a monster $736M in trades.

Grayscale wasn't far behind, pushing $415M through ETHE.

And Fidelity saw a cool $155M in FETH.

Even with ETH dumping 36% to $2,100, these ETFs pulled in $83.6M in fresh money.

Fidelity is sitting pretty with $49.7M in inflows, while Grayscale and ETH grabbed $15.9M and $12.8M respectively.

All in all, it's a great start to the month for ETH ETFs.

The Trump Effect

The weekend started with Trump dropping tariff bombs: 25% on Canada/Mexico 10% on China

ETH said "nope" and dove to $2,100 faster than you can say "trade war."

It was a bloodbath.

$2.3B in leveraged positions got nuked, and ETH futures alone saw $600M vanish.

But then Trump hit pause on those Canada and Mexico tariffs, and ETH jumped 30% to $2,900 like nothing ever happened.

For those who bought the dip – congratulations.

ETH > BTC?

While ETH ETFs were swimming in inflows, Bitcoin ETFs watched $234.4M walk out the door.

Fidelity's FBTC took the biggest hit (-$177.6M).

Only Grayscale's GBTC stayed positive (+$8M).

Eric Trump also jumped on X to call ETH a "great buy."

Then World Liberty Financial (Trump's crypto team) also moved 61,114 ETH to exchanges.

Coincidences don’t happen in crypto so that last point has a lot of folks biting their nails in anticipation of seeing what World Liberty Financial does with those ETH bags. 

Where Do We Go Next?

Short term? People are eyeing $3,400 by the end of February.

Long term? Some folks are calling $18,000 by September.

That’s a mega-bullish prediction, but crazier things have happened. 

We’re watching out for China's revenge tariffs and that spicy EU stablecoin drama, which could knock out Europe as a significant player in the race to dominate Web3.

Keep It Real

Record ETF volume? Check. 

Trump-induced chaos? Check. 

30% rebounds? Check.

Whether you're bullish or bearish, ETH is catching all the institutional eyes, and in a world where BlackRock’s Larry Fink is calling for $700,000 Bitcoin, that means something. 

Maybe everyone’s favorite smart contract network to hate can still pull out the rabbit after all.