Ether ETFs Lead with $104M as Bitcoin Flows Slow
From July 20–24 U.S. spot ether ETFs drew $104 million in net inflows, roughly three times the $33.79 million that flowed into U.S. spot bitcoin ETFs that week.
U.S. spot ether ETFs attracted $103.9 million in net inflows from July 20–24, while U.S. spot bitcoin ETFs gathered $33.79 million over the same period. XRP products added $8.15 million and Solana funds $7.2 million. HYPE ETFs recorded $8.61 million in net outflows.
Bitcoin ETFs opened the week with heavy buying, taking in $227 million on Monday, $203 million on Tuesday and $69 million on Wednesday. Flows reversed late in the week with $225 million leaving on Thursday and $240 million on Friday, leaving the weekly bitcoin total at $33.79 million.
Ether ETFs showed steadier inflows across the week, with $38 million on Monday, $37 million on Tuesday, $73 million on Wednesday and $26 million on Thursday. Those inflows produced the largest single-asset weekly gain among U.S. spot crypto ETFs.
At the product level, BlackRock’s IBIT had $95.5 million in net outflows and Grayscale’s GBTC lost $83.7 million. ARK 21Shares’ ARKB posted $78.1 million in inflows. Grayscale’s Bitcoin Mini Trust added $85.8 million. Fidelity’s FBTC took in $35.2 million, Morgan Stanley’s MSBT gained $15.7 million and Bitwise’s BITB attracted $7.2 million. Weekly inflows to bitcoin funds declined about 55% from the prior week’s $75.67 million and represented roughly 0.04% of ending assets of $77.82 billion.
Altcoin funds had smaller, mixed flows. XRP ETFs received $2.49 million on Monday and $5.66 million on Tuesday for a $8.15 million weekly total. Solana ETFs took in $2.64 million on Monday and $5.83 million on Tuesday, then saw a $1.27 million outflow on Wednesday, totaling $7.2 million for the week. HYPE funds were net sellers after a quiet Monday, with outflows of about $698,000 on Tuesday, $1.02 million on Thursday and $6.89 million on Friday.
Market participants pointed to on-chain activity as a reason for ether demand, citing links between ether and stablecoin transactions, decentralized finance activity, blockchain settlement and corporate treasury strategies. Traders and portfolio managers attributed the late-week selling to a shift in risk appetite after renewed technology-sector earnings commentary and a rise in oil prices that raised concerns about inflation and bond yields.
An ETF analyst, Eric Balchunas, warned that low-cost spot crypto funds “threaten high-margin intermediaries,” saying investors can now obtain crypto exposure through ETFs for only a few basis points.
The week’s flow patterns included strong midweek conviction followed by rapid pullbacks, producing net inflows for several funds and notable redemptions in some bitcoin trusts as investors adjusted exposures.
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