Analyst: Rising bond yields weaken ETH staking, price may remain range-bound

Ethereum's price is heavily influenced by spot ETF fund flows, according to an analysis by 10x Research CEO Markus Thielen. He noted a high correlation over the past year between the price of ETH and the 30-day moving average of daily net inflows into its spot ETFs, establishing institutional capital as a key variable. However, Thielen explained that with U.S. 10-year Treasury yields exceeding 4.6% amid rising inflation, the appeal of Ethereum's approximate 2.5% staking yield is relatively diminishing. As ETH spot ETFs have reverted to net outflows in May, he suggested that if this trend persists, the price of ETH is likely to remain range-bound without a clear direction for the time being.