Spot Ethereum exchange-traded funds pulled in $365.17 million in net inflows during July 2024, more than double the $172.42 million that flowed into Bitcoin ETFs, according to data compiled by GFdaily. The figures mark a sharp reversal for both products after two consecutive months of heavy outflows that had drained nearly $7 billion from Bitcoin ETFs and over $1 billion from Ethereum ETFs.
Ethereum's winning streak
Ethereum ETFs closed all four weeks of July in the green, a clean sweep that Bitcoin ETFs couldn't match. The steady buying helped push ETH's price up 20% over the month — its best monthly performance in a year. The $365 million inflow into Ethereum products was more than double the Bitcoin ETF figure, a notable shift in investor preference.
Bitcoin's fading momentum
Bitcoin ETF inflows started July strong at roughly $200 million in the first week, then tapered off sharply: $76 million in the second week, $34 million in the third. The final week flipped to net outflows of $61.53 million. The last Friday of the month saw the largest single-day net outflow on record for Bitcoin ETFs at over $265 million, wiping out much of the earlier gains.
The July rebound came after a brutal spring. Bitcoin ETFs saw net outflows of $2.43 billion in May and $4.5 billion in June — a combined $6.93 billion. Ethereum ETFs weren't immune either, with $541 million in outflows in May and $529 million in June. The July inflows, while welcome, only recouped a fraction of those losses.
Whether Bitcoin ETFs can regain their early-July pace is an open question after the month's final week flipped negative. Ethereum's momentum, by contrast, held steady through the entire period.
