Bitcoin ETFs lost 3,170 BTC over the past week while Ethereum ETFs added 37,949 ETH, according to data from Lookonchain. The divergence marks a clear shift in institutional appetite — and BlackRock sits at the center of both sides. Its ETHA fund pulled in 37,424 ETH, accounting for nearly all of the Ethereum ETF inflows. Meanwhile, BlackRock's IBIT fund bled 3,511 BTC, more than the entire net decline across all Bitcoin ETFs.
IBIT leads the Bitcoin exodus
BlackRock's IBIT wasn't alone in the red, but it was the biggest contributor. Grayscale's Bitcoin funds lost 10 BTC and Bitwise's BITB shed 27 BTC. On the buying side, Fidelity's FBTC added 109 BTC and ARK 21Shares' ARKB picked up 77 BTC. That wasn't enough to offset the outflows. The net result: Bitcoin ETFs have recovered only 3.3% of the $8.2 billion that fled by mid-July. Total assets still sit at $76.22 billion — more than seven times Ethereum's $9.72 billion.
Ethereum funds keep rolling
Ethereum ETFs notched a third straight weekly inflow through July 24, pulling in $103.9 million. BlackRock's ETHA dominated, but the broader trend is clear: institutions are adding ETH exposure even as they trim BTC. SharpLink Gaming continued adding to its ETH holdings through summer volatility, and BitMine stock jumped 13% this week on the back of its Ethereum treasury strategy. The price action reflects the split: Bitcoin sits near $63,900, up about 4% for the week. Ethereum is near $1,913, up about 1%.
Daily flows tell the same story
Lookonchain's daily net flow data for July 28 shows Bitcoin ETFs added just 20 BTC. Ethereum ETFs added 11,285 ETH. The gap isn't closing. If the trend holds, Ethereum funds could soon cross the $10 billion AUM mark — a milestone that looked distant a month ago. Bitcoin funds, by contrast, are still trying to stop the bleeding.
The next weekly flow report, due early next week, will show whether the divergence accelerates or stabilizes. For now, the market is voting with its capital: Ethereum is the inflow story, Bitcoin is the outflow story. That's a flip few predicted at the start of 2026.
