Ethereum posted a 19% gain in July, nearly doubling Bitcoin's 8% rise, as spot Ethereum ETFs recorded their strongest monthly performance since launching. The US-based funds pulled in $365.17 million in net inflows, reversing more than $1 billion in outflows from the prior two months. Bitcoin ETFs, by contrast, drew just $172.43 million — their weakest monthly total since the products debuted in January 2024.
Ethereum ETFs reverse the tide
After two months of redemptions, Ethereum ETFs snapped back in July. The $365 million inflow month flipped the narrative for a product class that had struggled to hold investor interest. The turnaround coincided with a broader shift in relative value: the ETH/BTC ratio climbed above 0.030 for the first time in three months, before settling at 0.02962. The ratio of ETH to Bitcoin deposits on exchanges also fell sharply, from above 1.5 last August to about 0.8 — a level that has historically preceded reversals near 0.4.
Morgan Stanley wades in with a low-fee trust
Morgan Stanley launched the Morgan Stanley Ethereum Trust (MSSE) during July, accumulating roughly $20 million in assets with a 0.14% fee. The bank's roughly 16,000 financial advisers oversee about $7 trillion in client assets, giving the trust a potentially large distribution channel. The move signals that traditional wealth management is beginning to treat Ethereum as a standalone allocation, not just a Bitcoin satellite.
BitMine keeps stacking, but slower
BitMine, the largest corporate holder of Ether, added 90,000 ETH to its stash in July, bringing its total to 5.79 million. That's a slower pace than previous months, but the company continues to accumulate while its Bitcoin-focused counterpart, Strategy, made no Bitcoin purchases at all. Strategy instead focused on building cash reserves and supporting its preferred securities.
What the ETH/BTC ratio is telling us
The ETH/BTC MVRV ratio fell to 0.65 from 0.95 in August 2025. Historical structural bottoms have formed below 0.45, suggesting there may be further room for relative underperformance before a true reversal. Still, the deposit ratio shift and the ETF inflow data point to growing demand for ETH exposure. Bitcoin, meanwhile, repeatedly failed to break the $65,000 level in July, capping its upside.
Ethereum's price hit $1,970 in July before retreating to $1,868 at press time. Whether the momentum carries into August will depend on whether ETF inflows sustain and whether the ETH/BTC ratio can hold above 0.03.
