Ethereum spot exchange-traded funds have started to outshine Bitcoin ETFs on a relative inflow basis, even as absolute dollar flows remain tilted toward Bitcoin. A new analysis from crypto market maker DWF Labs shows that while Bitcoin ETFs still attract larger total inflows, Ethereum ETFs are gaining ground when measured against fund size.
DWF Labs reported that spot Bitcoin and Ethereum ETFs combined saw $1.1 billion in net inflows in the tracked weekly period, the largest weekly total since April 13. Bitcoin ETFs accounted for $865 million, while Ethereum ETFs drew $243 million. The relative performance, however, shifted meaningfully: in June, Ethereum ETFs posted a net outflow rate of -4.65% relative to fund size versus Bitcoin’s -8.09%. By July, Ethereum’s rate improved to +3.19%, far above Bitcoin’s +0.34%.
In a separate weekly tracking window from August 10 to August 14, Bitcoin spot ETFs recorded $390 million in net outflows, with Fidelity’s FBTC leading at $153 million in redemptions. Ethereum ETFs saw only $2.26 million in outflows over that period. The divergence suggests that institutional allocators may be rebalancing toward Ethereum, potentially because of its utility in decentralized finance, smart contracts, and staking yields.
DWF Labs noted that spot ETF inflows had declined in May amid broad institutional indifference toward ETH, but recent weeks show a reversal. The combined data points to a market in transition: Bitcoin remains the dominant store-of-value asset, while Ethereum’s relative momentum could attract more institutional participation if the trend continues.
