Spot ether ETFs took in $103.8 million in the week ended July 24, roughly triple what spot bitcoin funds gathered. BlackRock drove the split: its ether fund absorbed $96.3 million while its bitcoin fund shed $95.5 million. It was the second straight week ether products out-raised their bitcoin counterparts.
Spot ether ETFs pulled in $103.8 million in the week ended July 24, roughly triple the $33.9 million that reached spot bitcoin funds, according to Farside Investors data. It was the second consecutive week ether products out-raised bitcoin's, extending a rotation that began when both categories snapped eight-week outflow streaks earlier this month.
BlackRock's two crypto funds split
The gap came down to one issuer. BlackRock's iShares Ethereum Trust (ETHA) absorbed $96.3 million over the five sessions, while its iShares Bitcoin Trust (IBIT) — the largest crypto ETF — posted a $95.5 million net outflow. Those redemptions included back-to-back withdrawals of $202.5 million and $212.2 million on Thursday and Friday, per Farside.
Fidelity ran the other way on both sides. Its ether fund FETH logged a $6.2 million weekly outflow, meaning ETHA accounted for more than all of the category's net gain. On the bitcoin side, FBTC added $35.2 million for the week, partially offsetting IBIT's outflows.
A front-loaded week for bitcoin
Bitcoin funds started stronger. They took in $226.8 million on Monday and $203.2 million on Tuesday before flows reversed hard into the weekend, leaving the category up just $33.9 million.
Ether funds moved more evenly, adding $38 million, $37.5 million, $72.7 million, and $26.3 million from Monday through Thursday before a $70.7 million outflow on Friday trimmed the weekly total. The prior week showed the same order, with ether funds adding $105.5 million against bitcoin's $75.5 million. Bitcoin's weekly haul has now fallen 55% week-over-week even as ether's held flat.
Flows favor ETH as prices mark time
The rotation comes amid subdued prices. ETH trades at $1,936, up 1.1% in the past 24 hours and about 2% on the week, according to CoinGecko. Bitcoin sits at $64,780, little changed over 24 hours.
ETH remains 61% below its August 2025 all-time high of $4,946. The token had slid 35% in a month when ETF flows turned negative earlier this year.
Ether's relative bid has company beyond the fund wrapper. BitMine Immersion, the largest corporate ETH treasury, added 104,512 ETH in the past 30 days and now holds 5.78 million ETH — 4.8% of supply — per CoinGecko treasury data. For now, the marginal institutional dollar is picking ETH.
Source: The Defiant
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