Can Bitcoin ETFs Reclaim The Flow Crown? Ethereum Has Won Three Weeks Running

Ethereum ETFs pulled in $103.9 million last week, topping all crypto funds for the third week running.

That put them ahead of Bitcoin, as institutional demand rotated toward the second-largest cryptocurrency.

Bitcoin ETFs still finished in the green — but it was their weakest inflow week in roughly three months.

The gap is the clearest divergence between the two flagship spot products since they were posting near-identical flow profiles earlier this year.

Ethereum ETFs Take the Lead for a Third Straight Week

Ethereum (ETH) spot ETFs in the United States pulled in $103.9 million across the week ending July 25, according to fund flow data tracked by CryptoRank. That figure places Ethereum ahead of Bitcoin (BTC) among all cryptocurrency-linked exchange-traded products for the third week running.

Bitcoin ETFs remained net positive, meaning new money still entered the funds overall, but the margin compared to Ethereum ETFs has narrowed sharply.

Bitcoin’s inflow total was described as the weakest in three weeks, a notable contrast to the record-setting weeks it posted in the spring.

A spot ETF, for readers new to the structure, is a fund that holds the underlying asset directly rather than using futures contracts. When an investor buys a share, the fund manager purchases actual ETH or BTC and stores it with a regulated custodian.

Inflows and outflows therefore translate directly into buying and selling pressure on the spot market, which is why weekly flow data carries weight for price direction.

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Why Bitcoin’s ETF Lead Is Narrowing

The rotation in fund flows reflects a broader shift in how institutional buyers are positioning across the two assets. Bitcoin has long attracted the bulk of ETF demand since spot products launched in the United States in January 2024.

Ethereum ETFs followed in July 2024 but launched into a weaker market and initially drew comparatively modest inflows.

The gap has been closing since the second quarter of this year. Ethereum has benefited from two converging narratives.

First, the Pectra upgrade to the Ethereum network, completed in May, expanded the staking withdrawal limit per validator and made large-scale institutional staking more operationally efficient. Second, the prospect of staking yield being incorporated into ETF products has drawn fresh attention from yield-seeking allocators, even though U.S. regulators have not yet approved a staking-enabled ETF structure.

Bitcoin, by contrast, has faced a quieter news cycle.

The halving event passed without triggering a sustained price breakout, and corporate treasury buying has slowed from its peak pace.

Three Weeks of Consecutive Ethereum ETF Inflows Signal Institutional Shift

Three consecutive weeks of Ethereum-led inflows is a short but meaningful streak. Since Ethereum ETFs launched in the U.S., there have been extended periods where outflows dominated entirely, as early adopters cycled out of the Grayscale Ethereum Trust conversion product and depressed net figures.

A three-week positive run with $100 million-plus in the lead week suggests that rotation effect has fully cleared.

The broader context matters here. Total assets under management across all U.S. spot Ethereum ETFs remain well below Bitcoin’s equivalent figure.

Bitcoin ETFs crossed $100 billion in AUM earlier this year. Ethereum products hold roughly $12 billion to $14 billion by most estimates, meaning Ethereum still has significant room before it approaches parity.

But the inflow trajectory suggests the gap is compressing.

If Ethereum ETFs sustain weekly inflows at or above $50 million through August, the asset’s ETF AUM could close meaningfully on Bitcoin’s before year end.

One figure worth noting: Ethereum’s $103.9 million inflow week came while ETH’s price traded in a relatively tight range, meaning the money came in without a sharp price catalyst to drive momentum buyers. That pattern more closely resembles deliberate portfolio allocation than speculative flow.

What Comes Next for Ethereum ETF Demand

The Federal Reserve’s next rate decision, expected in late July, could shift the flow picture quickly.

Lower rates tend to lift risk assets broadly, which historically pulls more capital into crypto ETFs across both Bitcoin and Ethereum.

More specifically for Ethereum, any regulatory movement on staking-enabled ETF structures would represent a material catalyst. Several asset managers have filed amended applications with the SEC requesting permission to offer staking yield to ETF holders, passing through the network’s validator rewards.

A favorable ruling would give Ethereum ETFs a yield advantage over Bitcoin products with no equivalent mechanism, which could accelerate the AUM gap closure considerably.

For now, the three-week inflow lead tells a simpler story: institutional buyers are expanding their cryptocurrency allocations beyond Bitcoin, and Ethereum ETFs are the first destination.

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