Ethereum ETFs posted net inflows of 37,959 ETH — worth about $71.17 million — for the week ending July 28, marking the third consecutive week of net additions. Bitcoin ETFs, meanwhile, saw net outflows of 3,170 BTC, or roughly $200.23 million, even as the underlying asset traded near $63,900 and gained about 4% over the same period. The divergence highlights a continued shift in investor appetite between the two largest crypto assets.
BlackRock's one-sided dominance
BlackRock's IBIT, the largest spot Bitcoin ETF, lost 3,511 BTC on its own last week — more than the entire Bitcoin ETF category's net decline of 3,170 BTC. That means other Bitcoin funds collectively saw small net inflows, but they couldn't offset the outflows from the market leader. On the Ethereum side, BlackRock's ETHA accounted for 37,424 of the week's 37,959 ETH inflows, essentially the entire net gain. ETHA now controls roughly 68% of all US spot Ethereum ETF assets.
Bitcoin's price shrugs off ETF outflows
Despite the continued withdrawals from Bitcoin ETFs, the price of Bitcoin rose about 4% for the week. That suggests the selling pressure from ETF redemptions is being absorbed by other market participants, or that the outflows are concentrated in a few large holders rather than a broad-based retreat. Still, Bitcoin ETFs have recovered only 3.3% of the $8.2 billion that left the category through mid-July, leaving a long road back to previous highs. Total AUM for Bitcoin ETFs stands at $76.22 billion, compared to $9.72 billion for Ethereum ETFs.
Ethereum ETFs lead the pack
For the week ending July 24, Ethereum ETFs posted $103.9 million in net inflows — more than any other spot crypto ETF product that week. That momentum carried into the latest week, with ETH funds continuing to attract capital even as Bitcoin funds bled. The gap in AUM remains wide, but the trend line favors Ethereum for now.
Corporate treasury plays gain traction
BitMine's stock jumped 13% this week as investors rewarded the company's Ethereum treasury strategy. SharpLink Gaming also continued to add to its ETH holdings amid summer volatility. These moves suggest that some corporate treasuries are betting on Ethereum as a store of value or yield-generating asset, even as the broader ETF market shows mixed signals.
The next weekly flow data, due early next week, will show whether Ethereum's streak can extend to a fourth week — and whether Bitcoin ETFs can finally reverse their outflows.
