Key Takeaways
- • Spot ether ETFs captured $103.8 million in inflows for the week ended July 24, 2026, roughly triple the $33.9 million that flowed into spot bitcoin funds, marking the second consecutive week ether products outpaced bitcoin.
- • BlackRock's iShares Ethereum Trust (ETHA) drove the ether strength with $96.3 million in weekly inflows, while its flagship iShares Bitcoin Trust (IBIT) posted a $95.5 million net outflow, including heavy redemptions of $202.5 million and $212.2 million on Thursday and Friday respectively.
- • Bitcoin funds experienced volatile weekly flows with front-loaded strength—$226.8 million on Monday and $203.2 million on Tuesday—before a sharp reversal into the weekend, signaling shifting institutional sentiment mid-week.
- • Fidelity's ether fund FETH recorded a $6.2 million outflow, meaning BlackRock's ETHA accounted for more than 100% of the entire ether ETF category's net gains for the week.
- • The rotation extends a pattern that began earlier in July when both bitcoin and ether ETFs ended eight-week outflow streaks; ether's weekly inflows have remained stable while bitcoin's have fallen 55% week-over-week.
Summary
Spot ether ETFs significantly outpaced bitcoin products in the week ended July 24, 2026, capturing $103.8 million in net inflows compared to just $33.9 million for bitcoin funds—a threefold differential that reflects deepening divergence in institutional demand between the two largest cryptocurrencies. This marks the second straight week ether products have attracted larger flows than their bitcoin counterparts, extending a rotation that commenced when both categories ended extended outflow streaks earlier in July.
BlackRock emerged as the primary driver of this divergence. The firm's iShares Ethereum Trust (ETHA) absorbed $96.3 million over the five trading sessions, while its much larger iShares Bitcoin Trust (IBIT)—the largest crypto ETF by assets—posted a $95.5 million net outflow. IBIT's redemptions accelerated sharply into week-end, with back-to-back withdrawals of $202.5 million on Thursday and $212.2 million on Friday, according to Farside Investors data. This concentration of BlackRock's activity in ETHA meant the fund alone captured more than all of ether's category-wide net gains, since Fidelity's ether fund FETH recorded a $6.2 million weekly outflow.
Bitcoin funds exhibited pronounced intra-week volatility. The category opened strong with $226.8 million in inflows on Monday and $203.2 million on Tuesday, but flows reversed sharply mid-week and into the weekend, ultimately leaving the category with minimal net gains. In contrast, ether funds demonstrated steadier behavior, posting consistent daily inflows of $38 million, $37.5 million, $72.7 million, and $26.3 million across Monday through Thursday before a $70.7 million Friday outflow trimmed the weekly total. The prior week showed identical ordering, with ether funds adding $105.5 million against bitcoin's $75.5 million, representing a 55% week-over-week decline for bitcoin while ether's flows remained essentially flat.
On the bitcoin side, Fidelity's FBTC partially offset IBIT's outflows with $35.2 million in weekly inflows. The flow dynamics emerged amid subdued price action, with ETH trading near $1,936 as of the reporting period.
BlackRock emerged as the primary driver of this divergence. The firm's iShares Ethereum Trust (ETHA) absorbed $96.3 million over the five trading sessions, while its much larger iShares Bitcoin Trust (IBIT)—the largest crypto ETF by assets—posted a $95.5 million net outflow. IBIT's redemptions accelerated sharply into week-end, with back-to-back withdrawals of $202.5 million on Thursday and $212.2 million on Friday, according to Farside Investors data. This concentration of BlackRock's activity in ETHA meant the fund alone captured more than all of ether's category-wide net gains, since Fidelity's ether fund FETH recorded a $6.2 million weekly outflow.
Bitcoin funds exhibited pronounced intra-week volatility. The category opened strong with $226.8 million in inflows on Monday and $203.2 million on Tuesday, but flows reversed sharply mid-week and into the weekend, ultimately leaving the category with minimal net gains. In contrast, ether funds demonstrated steadier behavior, posting consistent daily inflows of $38 million, $37.5 million, $72.7 million, and $26.3 million across Monday through Thursday before a $70.7 million Friday outflow trimmed the weekly total. The prior week showed identical ordering, with ether funds adding $105.5 million against bitcoin's $75.5 million, representing a 55% week-over-week decline for bitcoin while ether's flows remained essentially flat.
On the bitcoin side, Fidelity's FBTC partially offset IBIT's outflows with $35.2 million in weekly inflows. The flow dynamics emerged amid subdued price action, with ETH trading near $1,936 as of the reporting period.
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