BlackRock clients sold roughly $60 million of the firm's Bitcoin ETF (IBIT) this week and bought more than $20 million of its Ethereum ETF (ETHA). The flows point to a clear rotation: institutional money is moving out of Bitcoin and into Ethereum.
Inside the Numbers
The data covers the trading week ending July 31. IBIT saw net outflows of about $60 million. ETHA pulled in over $20 million. That's not a huge sum for either fund — IBIT holds billions in assets — but the direction is what matters. Investors aren't just selling. They're buying Ethereum with the proceeds.
Why Ethereum Now
Ethereum has had a strong run this year. The SEC's approval of spot Ethereum ETFs in 2024 removed a major regulatory cloud. Network upgrades have boosted activity. For some allocators, ETH now looks like a better bet than BTC in the near term. The rotation in BlackRock's funds reflects that sentiment.
The $60 million outflow from IBIT isn't a disaster. But it's a shift. IBIT had been a consistent magnet for inflows since its launch. A week of net selling — especially when the money goes to a sibling ETF — is worth watching. It suggests that the easy money for Bitcoin ETFs may be slowing.
Whether this rotation continues into August is an open question. For now, the data is clear: BlackRock's clients are rebalancing toward Ethereum.
