In a rare and potentially market-defining shift, U.S.-listed spot Ether exchange-traded funds have outpaced their Bitcoin counterparts for six consecutive trading days, drawing nearly $2.4 billion in net inflows between July 15 and July 22. This surge in demand marks a rare flip in ETF capital flows, signaling what many analysts now view as Ethereum’s moment in the institutional spotlight.
According to data from Farside Investors, while Bitcoin spot ETFs recorded $827 million in net inflows during the same period, Ether ETFs attracted nearly three times that amount, underscoring a decisive tilt in investor sentiment toward Ethereum. The shift reflects not only growing optimism around Ethereum’s relative performance but also a broader recalibration of institutional portfolios amid the evolving macroeconomic landscape and a maturing regulatory environment.
Driving the lion’s share of Ether ETF flows is BlackRock’s iShares Ethereum Trust (ETHA), which alone absorbed $1.79 billion in net inflows over the six-day period - accounting for nearly 75% of all ETH ETF capital.
ETHA’s growth has been nothing short of historic. As of July 22, it became the third-fastest ETF ever to reach $10 billion in assets under management (AUM), achieving the milestone in just 251 trading days. Only two ETFs - both related to S&P 500 tracking - have reached the mark faster.
“This is the strongest vote of confidence Ethereum has received from U.S. institutions to date,” said Rebecca Linden, ETF analyst at Avalon Strategies. “Ethereum is no longer just the ‘number two crypto.’ It’s being treated as a legitimate digital asset class with distinct utility and value.”
Fidelity Ethereum Fund Posts Record Day
Fidelity’s Ethereum Fund (FETH) also posted a record-breaking performance last week, with $210 million in daily net inflows on Thursday, eclipsing its previous record of $202 million set on December 10, 2024. While still trailing ETHA in size and scale, FETH’s momentum shows that multiple issuers are benefiting from the renewed institutional appetite for ETH.
Other Ethereum ETFs - including those offered by Ark Invest/21Shares and Grayscale’s converted ETHE trust - also saw notable inflows during the week, although some like Grayscale’s ETHE continued to experience net outflows due to fee and NAV structure disparities.
While Ethereum ETFs enjoyed a historic run, spot Bitcoin ETFs ended their 12-day inflow streak on Monday, July 22, with a collective net outflow of $131 million, the largest single-day loss since mid-June. This cooling follows $6.6 billion in cumulative inflows recorded across Bitcoin ETFs during the prior 12-day period, suggesting that some capital is rotating out of BTC and into ETH as investors diversify exposure or chase potential outperformance.
Swissblock Research noted in its July 22 macro bulletin that "ETH is rotating into leadership as the next leg of the cycle unfolds,” echoing growing sentiment that Ethereum may be entering a phase of relative dominance, similar to the altcoin-driven surges seen in previous bull markets.
Corporate Treasury Accumulation Signals Broader ETH Adoption
In addition to ETF inflows, corporate interest in Ethereum is surging. The most notable development is BitMine Immersion Technologies, which purchased $2 billion worth of ETH over the past 16 days, according to public filings and Strategic Ether Reserves. This acquisition makes BitMine the largest corporate holder of Ethereum, surpassing previous leaders like Grayscale and Crypto.com.
Other companies, including SharpLink Gaming, have also disclosed significant ETH holdings in recent weeks, contributing to what analysts are now describing as a potential ETH supply crunch.
In total, corporate treasuries now hold 2.31 million ETH, representing 1.91% of Ethereum’s circulating supply, a figure that has nearly doubled since Q1 2024. With staking removing additional ETH from liquid circulation, supply-side pressure may continue to mount.
“We could be witnessing the early stages of a structural supply shock,” said Michael Novogratz, CEO of Galaxy Digital. “Between institutional inflows, treasury accumulation, and the deflationary effects of ETH burning, the setup is incredibly bullish.”
Novogratz recently predicted that ETH will outperform BTC over the next six months, citing Ethereum’s staking economics, developer momentum, and unique positioning in real-world asset tokenization and decentralized finance.
Ethereum’s Broader Narrative Gains Ground
Beyond market flows, Ethereum’s narrative has evolved significantly in 2025. With the successful rollout of key updates like Dencun and the anticipated Pectra upgrade, Ethereum has made technical progress on scalability, security, and cost-efficiency - key barriers to adoption cited by institutions.
Moreover, the growing interest in real-world asset (RWA) tokenization, stablecoins, and on-chain treasury management has positioned Ethereum as the default infrastructure layer for tokenized finance.
A July report by Citibank Digital Strategy projected that up to 75% of tokenized securities issued by U.S. financial institutions in the next three years will be settled or deployed on Ethereum-compatible chains. The growing popularity of Layer 2 ecosystems like Arbitrum, Base, and Optimism further reinforces Ethereum’s extensibility and role as the operating system for programmable money.
Can ETH Flip Bitcoin in ETF Flows Long-Term?
The recent six-day stretch is only the second recorded instance of ETH ETF inflows outpacing BTC ETFs for multiple consecutive days. The last similar pattern occurred briefly in 2022 when Ethereum rallied ahead of the Merge upgrade.
Whether this becomes a long-term trend or a temporary rotation depends on multiple factors, including:
- The pace of macro monetary easing, which may favor higher-beta assets like ETH;
- Investor appetite for staking yields, which Bitcoin lacks;
- And the continued expansion of real-world asset tokenization, where Ethereum is the dominant platform.
That said, Bitcoin remains the “macro anchor” for institutional crypto strategies due to its supply cap, liquidity depth, and regulatory clarity. Yet Ethereum’s momentum is undeniable—and for now, it appears to be leading the next phase of capital inflow.
Final Thoughts: Ethereum Steps Into the Institutional Spotlight
The rare flip in ETF flows from Bitcoin to Ethereum marks a significant milestone in crypto market evolution. What was once an almost entirely Bitcoin-dominated institutional narrative is now broadening, with Ethereum emerging not just as an alternative - but as a complementary and potentially higher-growth digital asset class.
Whether this surge marks the beginning of a sustained ETH-led cycle remains to be seen. But one thing is clear: for the first time in ETF history, Ethereum is leading the pack - not following it.