U.S. spot Ethereum ETFs look set to register around $4 billion in net inflows for August in what would be their second-largest monthly haul against a backdrop of continued outperformance against their Bitcoin counterparts, according to data compiled by The Block.
The Ethereum ETFs' recent outperformance began in earnest on July 17, coinciding with a surge in the price of ETH, which swiftly saw the second-largest cryptocurrency move from a year-to-date loss against BTC to a gain of 13.8% as of Friday. In fact, the Bitcoin ETFs have only outperformed Ethereum ETFs seven days during that period, with cumulative net inflows of $505 million compared to $7.1 billion.
In July alone, the Bitcoin ETFs held their edge, attracting $6 billion in net inflows compared to Ethereum's record $5.4 billion monthly total. However, in August, the Bitcoin ETFs currently stand at $622.5 million in net outflows as of Thursday's data, whereas the Ethereum ETFs have registered $4 billion worth of net inflows — likely to secure their most significant monthly outperformance against their Bitcoin counterparts since they began trading in July 2024, with just one trading day to go.
Over the past two months, the Bitcoin ETFs have seen total net inflows of $5.4 billion compared to $9.5 billion for their Ethereum counterparts. However, the Bitcoin ETFs remain dominant in lifetime cumulative inflows, attracting $54.6 billion compared to $13.7 billion for the Ethereum ETFs, although the Bitcoin products had a six-month head start.
Ethereum ETFs' daily inflow dominance streak over Bitcoin funds comes to an end
The Bitcoin ETFs regained the daily inflow lead on Thursday, adding $178.9 million compared to $39.1 million for the Ethereum ETFs, ending the latter's prior seven-day dominance streak.
Ark Invest's ARKB unusually led the Bitcoin ETF inflows on Aug. 28, adding $79.8 million, with BlackRock's commonly dominant IBIT attracting $63.7 million. BlackRock's ETHA, registering $67.6 million, led inflows for all Ethereum ETFs.
The Bitcoin ETFs still generally lead by daily trading volume. However, Ethereum ETF activity has become increasingly close, overtaking the Bitcoin products on some days recently, and generating $2 billion worth of trading volume on Thursday compared to $2.5 billion for the Bitcoin ETFs.
BRN Head of Research Timothy Misir told The Block that while ETF demand continues to absorb more than twice bitcoin's daily issuance, BTC remains range-bound near $111,000 amid neutral spot conviction. Despite the sustained inflows, ETH's fall below $4,500 support signals short-term weakness, he added.
