Morgan Stanley’s Ethereum Trust quickly attracted around $20 million during its launch days, setting the stage for a solid month in Ethereum fund inflows. US spot Ethereum ETFs pulled in a remarkable $365 million in July, more than double Bitcoin’s $172 million, according to SoSoValue data cited by CryptoSlate. That surge helped Ethereum’s price climb 19%, reaching a high near $1,970 before settling close to $1,868.
Meanwhile, Bitcoin’s advance stalled at 8%, repeatedly hitting resistance near $65,000. The ETH/BTC ratio climbed past 0.030 for the first time in three months, signaling a 10% rise over July and sparking renewed speculation about capital rotating back into Ethereum after months of underperformance. Despite this uptick, the ratio sits well below the 2017 peak of 0.11, underscoring Ethereum’s long road to recovery.
Corporate accumulation also played a role. BitMine increased its Ether holdings from about 5.7 million to 5.79 million ETH, while some major Bitcoin buyers held back. Metrics like the ETH/BTC MVRV ratio hovered at 0.65, above levels historically seen near market bottoms, hinting at potential strength in Ethereum’s rally despite lingering caution.
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