US spot Ether exchange-traded funds continued to outperform their Bitcoin counterparts during the week ended July 24, extending a notable institutional rotation that has increasingly favored Ethereum over the industry’s largest cryptocurrency.
According to weekly flow data, spot Ether ETFs attracted approximately $103.9 million in net inflows, more than triple the $33.8 million added to spot Bitcoin ETFs over the same five trading sessions.
The latest figures mark the third consecutive week of net inflows for both asset classes. However, Ethereum has now decisively outpaced Bitcoin for the second straight week and has generated significantly stronger cumulative demand during the recent recovery.
Ethereum ETFs collected roughly $84.4 million in the first positive week after ending an eight-week losing streak, followed by approximately $104.8 million and $103.9 million over the next two weeks. Bitcoin ETFs, by comparison, brought in approximately $197.4 million, $75.7 million, and $33.8 million across the same period, reflecting steadily weakening momentum.
The divergence comes despite Bitcoin remaining substantially larger than Ethereum in terms of assets under management, suggesting institutional investors are selectively increasing exposure to ETH rather than broadly allocating to digital assets.
BlackRock Drives the Rotation
The shift has largely been driven by BlackRock’s Ethereum ETF.
During the latest week, BlackRock’s iShares Ethereum Trust (ETHA) absorbed approximately $96.3 million, accounting for the overwhelming majority of the category’s inflows. At the same time, BlackRock’s iShares Bitcoin Trust (IBIT)—historically the industry’s largest recipient of institutional crypto capital—recorded approximately $95.5 million in net outflows.
Late-week redemptions from Bitcoin funds erased much of the strong buying seen earlier in the week. Bitcoin ETFs attracted roughly $227 million, $203 million and $69 million during the first three trading sessions before suffering withdrawals of approximately $225 million on Thursday and $240 million on Friday.
Ethereum funds experienced a comparatively steadier pattern. Although they also recorded a late-week outflow, consistent buying earlier in the week allowed the category to comfortably finish with positive net inflows.
The rotation reflects changing institutional preferences rather than a broad withdrawal from cryptocurrency investment products.
Ethereum’s improving outlook has been supported by continued growth in tokenization, expanding stablecoin usage, staking economics and increasing institutional adoption of Ethereum-based infrastructure.
Institutional Allocation Broadens Beyond Bitcoin
The latest ETF data reinforce the idea that institutional crypto portfolios are becoming more diversified.
Since US spot Bitcoin ETFs launched in early 2024, Bitcoin has dominated regulated digital-asset allocations. Ethereum ETFs have historically attracted smaller inflows due to their later launch and lower assets under management.
Recent weeks suggest that gap may be narrowing. While Bitcoin remains the largest institutional crypto asset, investors appear increasingly willing to allocate incremental capital toward Ethereum as confidence grows in its long-term role as the settlement layer for tokenized assets, decentralized finance and stablecoins.
The divergence also comes as Bitcoin ETF trading volumes have fallen to their lowest weekly levels since late 2024, indicating reduced trading activity despite prices stabilizing.
Whether the trend continues will depend on broader market conditions and institutional risk appetite. For now, however, Ethereum has clearly become the preferred destination for new ETF capital. Three consecutive weeks of positive inflows—and weekly subscriptions more than triple those of Bitcoin—represent one of the strongest institutional endorsements Ethereum has received since spot Ether ETFs began trading.
