BlackRock's iShares Ethereum Trust (ETHA) attracted $96.3 million during the week ending July 24, significantly overshadowing its Bitcoin counterpart, the iShares Bitcoin Trust (IBIT), which saw a net outflow of $95.5 million. This marks the second consecutive week where ether-focused ETFs have pulled in more capital than bitcoin funds, according to data from Farside Investors.
The total inflows into spot ether ETFs reached approximately $103.8 million, nearly tripling the $33.9 million that flowed into spot bitcoin ETFs over the same period. This widening gap reflects a trend that began earlier this month, when both asset classes ended an eight-week streak of outflows.
Interestingly, bitcoin ETFs started the week strong with inflows of $226.8 million on Monday and $203.2 million on Tuesday, but reversed sharply by the weekend, resulting in a modest weekly net gain. Ether funds, by contrast, maintained steadier inflows throughout Monday to Thursday, although a sizable $70.7 million outflow on Friday trimmed their overall weekly total.
Fidelity's ether fund FETH bucked the general trend with a $6.2 million outflow, meaning BlackRock's ETHA accounted for more than all the net gains in ether ETFs. Meanwhile, Fidelity's FBTC bitcoin fund added $35.2 million, partially offsetting IBIT's outflows.
The inflows come amid relatively flat prices for both cryptocurrencies. Ether traded around $1,936, a 1.1% increase over 24 hours and roughly 2% for the week, according to CoinGecko. However, its price remains 61% below the all-time high of $4,946 set in August 2021. Bitcoin hovered near $64,780 with little change in the same timeframe.
Beyond ETFs, institutional interest in ether is also visible. BitMine Immersion, the largest corporate holder of ETH, added over 104,000 ETH in the last 30 days, now holding 5.78 million ETH, which represents 4.8% of the total supply. Whether this rotation toward ether will persist as bitcoin's outflows stabilize remains to be seen in the upcoming weeks.
