Bitcoin ETFs bleed 3,170 BTC as Ethereum funds draw third straight inflow

Bitcoin exchange-traded funds shed 3,170 BTC over the past seven days while Ethereum ETFs added 37,959 ETH, data from fund filings show.

BlackRock's iShares Ethereum Trust (ETHA) drove most of the inflows, adding 37,424 ETH, while its iShares Bitcoin Trust (IBIT) lost 3,511 BTC — more than the entire category's net decline, according to fund filings compiled by BeInCrypto.

Fidelity's FBTC and ARK 21Shares' ARKB partially offset the Bitcoin outflows, adding 109 BTC and 77 BTC, respectively. On the Ethereum side, Grayscale's ETH products added 5,515 ETH while Fidelity's FETH lost 4,980 ETH. Bitcoin traded near $63,900 as of Tuesday, up about 4% for the week, while ether changed hands near $1,913, up roughly 1%.

The rotation extends a trend that gathered momentum through July. Ethereum funds pulled in $103.9 million during the week ending July 24, more than any other spot crypto ETF category that week, according to SoSoValue data. Bitcoin ETFs still hold $76.22 billion in assets — more than seven times Ethereum's $9.72 billion — but fresh capital increasingly favors ether.

The ETH/BTC ratio climbed to 0.030, its strongest reading in three months, signaling that ether is outperforming bitcoin regardless of the broader market direction, according to CoinGecko data. Bitmine Chairman Thomas Lee cited the breakout when the company raised its Ethereum holdings and equity buyback, saying the ratio "bodes well for future strengthening of ETH prices."

Ethereum's validator exit queue has dropped to zero, according to ValidatorQueue data, indicating that no validators are currently waiting to withdraw staked ETH. The queue peaked at above 2.6 million ether in September. Meanwhile, roughly 2.5 million ETH is queued to enter staking, with waits near 43 days, locking up supply rather than releasing it.

The demand extends beyond ETFs. Bitmine added 9,946 ETH over the same period, lifting its holdings to 5.79 million tokens — close to 4.8% of the circulating supply. Former BitMEX CEO Arthur Hayes bought 7,213 ETH since July 15, worth about $13.87 million, according to Arkham Intelligence data.

Despite the bullish signals, on-chain data suggests a market bottom has not yet been fully confirmed. The ETH/BTC MVRV ratio has fallen from 0.95 in August 2025 to about 0.65, while prior Ethereum bottoms against Bitcoin were closer to 0.45, according to CryptoQuant. The ETH/BTC exchange inflow ratio dropped from above 1.5 to roughly 0.8, still short of the 0.4 zone marking earlier floors.

Bitcoin ETFs are still climbing back from months of heavy outflows. They have recovered just 3.3% of the $8.2 billion that left the category by mid-July.

This article is for informational purposes only and does not constitute investment advice.